Page 57 - Insurance Times July 2024
P. 57
Circular
IRDAI Corner
Master Circular on IRDAI (Insurance Prod- loss of lives, property (homes and businesses) and infrastruc-
ture. The Sector Regulator IRDAI issued instructions to all
ucts) Regulations 2024 - General Insur- Insurers including Life and Standalone Health Insurance
ance Companies to mobilise all resources to ensure immediate
service response including engaging the services of Survey-
Date: 11th June, 2024
ors, Loss Adjustors and Investigators for quick settlement of
A. This Master Circular is issued under Section 14 (2) (i) of claims arising out of the havoc created by the Cyclone and
the IRDA Act 1999 and Section 34 of the Insurance Act, subsequent heavy rains causing floods.
1938 and Regulation 7 of IRDAI (Insurance Products) The insurers have been advised to communicate the nomi-
Regulations 2024. nation of a Senior Executive to the Chief Secretary immedi-
B. The Master Circular shall be reviewed every year un- ately. Districts reporting large numbers of claims to over-
less review or repeal is warranted earlier. see by a designated District Claims Service Head. The insur-
ers to give wide publicity on the contact details of these
C. The Returns referred to under this circular shall be sub- officers in their websites and also in the media.
mitted as per the provisions herein and the Master Cir-
cular on submission of returns. Insurers are advised to respond/assist the claimants through
their 24x7 helplines, special claims desks at district level with
D. All words and explanations used herein and not defined delegated Claims Settlement Authorities for speedy process-
in this Master Circular but defined in the Insurance Act, ing and settlement of claims. Insurers have been advised to
1938 (4 of 1938) or Insurance Regulatory and Develop- settle claim payments/on account payments at the earliest
ment Authority Act, 1999 (41 of 1999) or Rules or Regu- and also encourage policyholders to use electronic commu-
lations made thereunder shall have the meanings re- nication wherever possible for correspondence.
spectively assigned to them in those Acts or Rules or
Regulations.
Master Circular on Reinsurance, 2024
E. In Order to remove any doubts or difficulties that may
arise in the application or interpretation or any of the Date: 31st May, 2024
provisions of this Master Circular, the Competent Au-
thority may issue appropriate clarifications, as and when The Authority has notified Insurance Regulatory and Devel-
deemed necessary. opment Authority of India (Registration and Operations of
This has approval of the Competent Authority. Foreign Reinsurers Branches and Lloyds India) Regulations,
2024 and IRDAI (Reinsurance) Regulations, 2018, with the
IRDAI advised Insurance Companies to objective of strengthening and harmonizing the regulatory
framework for reinsurance operations. In exercise of the
settle Cyclone Remal Claims on Fast Track powers conferred by Section 14 of the IRDA Act,1999, sec-
Date: 04th June, 2024 tion 34 of the Insurance Act, 1938 and Regulation 33 of
IRDAI (Registration and Operations of Foreign Reinsurers
The Cyclone Remal in various states have caused widespread Branches and Lloyds India) Regulations, 2024 and Regula-
The Insurance Times July 2024 51
