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The Insurance Regulatory Development Authority of India (IRDAI) has asked insurers to relax procedures wherever possible to expedite life insurance claim settlements in flood-affected states.
In a circular sent to Chief Executive Officers of all life insurance companies, the authority had directed them to initiate immediate action “to ensure that all reported claims are registered and eligible claims are settled expeditiously.”
With regard to claims involving loss of life where difficulty is faced in obtaining a death certificate due to non-recovery of body, the procedure followed in the aftermath of the floods in Chennai in 2015 may be considered.
“A state-wise progress report on the claims settled should also be submitted to the authority,” it said.
As a result of heavy rains and floods, there are reports of loss of human lives and belongings in many states such as Karnataka, Kerala, Maharashtra and Gujarat.
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