Speed up Claim Settlement Process: Irdai to Insurance Firms

The Insurance Regulatory and Development Authority of India (Irdai) has asked all the insurance companies (general, life, health) to comply with its previous order on how to deal with delayed intimation of claims and delayed submission of documents by the claimants.

The order dated 29th September, 2011, had said that the insurers should develop a sound mechanism to deal with such claims where the claimant submits its prescribed documents for claim settlement after the specified time period for submitting documents has lapsed.