The Hindu Business Line : IRDA seeks weekly reports

THE Insurance Regulatory and Development Authority (IRDA) has asked all life and general insurance companies to provide regular details on the estimated loss and claims settlement measures in the Western region of the country, which has been hit by heavy and unprecedented rains.

All insurance companies have already announced steps for speedy settlement of claims through special cells. The insurers have also waived some procedural requirements in the case of genuine claims.

While appreciating these proactive measures, the regulator has asked for details of the estimated loss and the measures adopted to discharge policy liabilities under the insurance contracts.

In a notice to all the insurance players, the IRDA Chairman, Mr C.S. Rao, has sought weekly returns in the format enclosed. The first return must reach the authority on August 8. Insurance companies have to provide the details every Monday, for the previous week, both for the week and on cumulative basis.

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