Page 63 - Insurance Times December 2020

On completion of the procedure stated in II and III the calamity affected areas.
above, the licence will be issued and mailed to the
registered E-Mail ID. IRDA/NL/CIR/MISC/290/12/2020
V. Issuance of Licence Date:02-12-2020
The existing forms available on the IRDAI Portal
www.irda.bap.org.in, as are relevant, shall continue to 1. As you are aware, cyclone Nivar (Nov,2020) has caused
be utilized till such time the revised forms are loss to property in some parts of the country. The
implemented on the Portal. Applicant shall submit General Insurers may have issued policies for protection
FORM IRDAI 20 AF (Fit and Proper Criteria) along with of lives and property located in the affected areas.
other relevant application as below: There is an urgent need for the insurance industry to
a) FORM IRDAI 1 AF (Fresh Individual) take immediate steps to mitigate the hardships of the
affected insured population by ensuring immediate
b) FORM IRDAI 3 AF (Fresh Corporate)
registration and settlement of eligible claims.
c) FORM IRDAI 5 AF (Renewal Individual)
2. You are advised to initiate immediate steps for quick
d) FORM IRDAI 6 AF (Renewal Corporate) registration and disposal of claims on the following
e) FORM IRDAI 13 (Enrollment) lines:-
f) FORM IRDAI 17 AF (Modification Individual) a. Please nominate a senior officer at the company
level who would act as a Nodal Officer for the
g) FORM IRDAI 18 AF (Modification Corporate) affected states. The Nodal Officer would be
These guidelines shall come into force with immediate coordinating the receipt, processing, and
effect. settlement of all eligible claims. The Nodal officer
should contact the designated officers of the State
(Suresh Mathur) Govt. immediately and be in regular contact
Executive Director thereafter.
b. It needs to be ensured that all claims are surveyed
Mismatch in GDP flash Figures and immediately and claim payments/on account

Segment wise GDP figures total payments are disbursed at the earliest and in any
case not exceeding the stipulated time-line.
IRDAI/NL/CIR/MISC/292/12/20-21 c. Adequate number of surveyors may be engaged
Date:02-12-2020 immediately as required.
d. You are also requested to launch extensive
It is observed that there is mismatch in GDP flash figures
and Segment wise GDP figures total for some insurers. awareness campaign duly highlighting the
measures taken by you.
Since data is maintained and collected in electronic format,
there should not be any difference even small. e. In view of Corona Virus (Covid-19) pandemic, the
Insurers shall encourage the policyholders to use
Hence, insurers are advised to examine the reason(s) of electronic communication wherever possible for
differences (even small), if any, between submitted GDP flash correspondence while intimating the claim and
figures and segment wise GDP figures total and filing all the relevant documents. Efforts shall be
communicate such reason(s) to us while submitting monthly made to ensure that digital processes are resorted
business figures. to the extent possible for assessment of claims.

(Yegnapriya Bharath) 3. We request you to take urgent steps for expeditious
CGM (Non-Life) settlement of claims in the cyclone hit areas and submit
details of the same as advised above.
Guidelines on Insurance claims of Yegnapriya Bharath
victims of Cyclone Nivar (Nov,2020) in Chief General Manager (Non-Life)

The Insurance Times, December 2020