Page 43 - Insurance Times September 2019

Circular

IRDAI Circular

Withdrawal of Instructions issued on Guidelines on Insurance Claims of
reporting of payouts to Insurance Agents victims of recent floods (August 2019) in

and Insurance Intermediaries parts of Karnataka
Ref. No: IRDA/F&A/CIR/MISC/129/08/2019 IRDAI/NL/GDL/MISC/132/08/2019

Date: 05th August 2019 09thAugust 2019
The Authority vide the below mentioned circulars have
mandated the reporting of payouts made to Insurance 1. As you are aware, the recent floods, have caused
Agents and Insurance Intermediaries: - immense loss to property in the state of Karnataka.
There is an urgent need for the insurance industry to
(i) Circular Ref. No. IRDA/F&I/CIR/F&A/008/01/2010 dated take immediate steps to mitigate the hardships of the
21st January, 2010; affected insured population by ensuring immediate
(ii) Circular Ref. No. IRDA/F&I/CIR/DATA/066/03/2012 registration and settlement of eligible claims.
dated 02nd March, 2012; 2. You are advised to initiate immediate steps for quick
(iii) Circular Ref. No. IRDA/F&I/CIR/DATA/091/06/2010 registration and disposal of claims on the following
dated 11th June,2010; and lines: -
a. Please nominate a senior officer at the company
(iv) Provision (iii) of Circular Ref. No. IRDA/F&A/CIR/FA/
059/03/2015 dated 31st March, 2015; level who would act as a Nodal Officer for the
affected states. The Nodal Officer would be
However, the Authority has notified IRDAI (Payment of coordinating the receipt, processing and
Commission or Remuneration or Reward to Insurance settlement of all eligible claims. The contact
Agents and Insurance Intermediaries) Regulations, 2016. On
particulars of the Nodal Officer may also be
this it may be noted that the segments specified in the
conveyed to us and the same may be given due
existing reporting formats and specified in the Regulations publicity.
do not match and the existing reporting formats do not
capture information on rewards. b. If there are any death claims and death certificate
is difficult to obtain on account of non-recovery of
In light of the same, the Authority is of the view that these body etc, the process followed in the case of
existing reporting formats require significant modification. Jammu & Kashmir floods (Notification of Ministry
Accordingly, the above mentioned Circulars for reporting of
of Home Affairs, GoI, No. 1/12/2014- Vs (CRS)
payouts to Insurance Agents and Insurance Intermediaries,
Dated 12.09.2014- which was also followed when
stand withdrawn with immediate effect.
Tamilnadu Floods and Kerala Floods occurred),
Henceforth, furnishing of data to the Authority in may be considered.
compliance of the said circulars is not required. All insurers c. Details of offices/ special camps set up for the
may take note of the same. purpose and other relevant details may be
(Pravin Kutumbe) publicized through your website, media and
Member (F&I) through State Government channels to enable

The Insurance Times, September 2019 43