Page 56 - Insurance Times February 2023

Circular

IRDAI Corner

Guidelines on Insurance claims of victims use electronic communication wherever possible
for correspondence while intimating the claim and
of Subsidence and Landslides in the calam-
filing all the relevant documents. Efforts shall be
ity affected areas in the State of made to ensure that digital processes are resorted
Uttarakhand to the extent possible for assessment of claims.
3. We request you to take urgent steps for expeditious
19th January, 2023
settlement of claims in the affected areas and main-
1. As you are aware, Subsidence and Landslide have caused tain the details of the same. The claims data shall be
loss to property in some areas in the State of submitted to the Authority on a monthly basis (to nl-
Uttarakhand. There is an urgent need for the general returns@irdai.gov.in) in the format enclosed herewith.
insurers to take immediate steps to mitigate the hard-
ships of the affected insured population by ensuring Clarification on classification of shares is-
immediate registration and settlement of eligible sued by virtue of demerger to Insurance
claims.
Companies
2. You are advised to initiate immediate steps for quick reg-
19th January, 2023
istration and disposal of claims on the following lines: -
a. Please nominate a senior officer at the company By virtue of the power conferred under Regulation 17 of
level who would act as a Nodal Officer in the af- IRDAI Investment Regulations, 2016, it is clarified that the
fected districts of Uttarakhand. The Nodal Officer dividend criteria as stipulated under Regulation 3(a)(4) and
would be coordinating the receipt, processing, and 3(a)(5) of IRDAI (Investment) Regulations, 2016 read with
settlement of all eligible claims. The Nodal officer Clause 1.11 of IRDAI Investment Master Circular dated Oc-
should contact the designated officers of the State tober 27, 2022 applicable to the “Demerged Company” shall
Govt. immediately and be in regular contact there- be reckoned for the purpose of classification of investment,
after. in equity shares and preference shares in Resulting Investee
Company(s)”, as “Approved investment” or “Other Invest-
b. It needs to be ensured that all claims are surveyed
ment”, for initial two financial years.
immediately and claim payments/on account pay-
ments are disbursed at the earliest and in any case
IRDAI (Appointed Actuary) Regulations,
not exceeding the stipulated time-line.
2022
c. Adequate number of surveyors may be engaged im-
10th January, 2023
mediately as required and, if need be, consider
engaging surveyors from neighboring areas as well.
1. This circular is issued in exercise of the powers conferred
d. You are also requested to launch extensive aware-
under Regulation 12 of IRDAI (Appointed Actuary) Regu-
ness campaign duly highlighting the measures taken
lations, 2022 and under Section 14(2)(e) of IRDAI Act,
by you.
1999.
e. The Insurers shall encourage the policyholders to 2. Application for appointment of an Appointed Actuary:
50 January 2023 The Insurance Times