Page 10 - Insurance Times April 2020

IRDAI

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IRDAI tells health insur- IRDAI directs insurance companies to settle the claims
ers to provide Covid-19 for Delhi riot victims

cover in policies IRDAI has asked life, general and health insurance companies settle to the claims
With the aim of making ease for poli- of Delhi riot victims expeditiously. The regulator also
asked the insurers to make the payments within 15
cyholders days. 42 persons were dead and several others were
so that injured in the communal violence in northeast Delhi,
they would due to the amended Citizenship Act. Properties were
be able to also damaged in the riot.
avail medi-
cal covers "The authority is aware that general insurers, life insurers and standalone health
without any hardships with immedi- insurers may have written policies that extend to lives and property pertaining
ate effect, the IRDAI has directed all to the affected areas. In this situation, all insurers are advised to act immedi-
health insurance companies in order ately for fair and speedy settlement of claims," IRDAI directed.
to provide medical cover for IRDAI has directed the insurers to involve a sufficient number of surveyors im-
Coronavirus (COVID-19). The regula- mediately in the affected areas in order to ensure that all claims are promptly
tor has also released guidelines for assessed and payments of claims are disbursed within 15 days.
the same under the provisions of The IRDAI has instructed the insurance companies to nominate a senior officer
Section 14 (2) of IRDAI Act.
who would act as a nodal officer for Delhi, who would be coordinating/facilitat-
"If coverage is granted for treat- ing the settlement of all the claims that are reported in the affected areas.
ment of hospitalisation expenses, in
order to alleviate hardships that may IRDAI gives approval to Paytm Insurance Broking
be caused to policyholders, all claims
reported under Coronavirus shall be The IRDAI has given the approval to Paytm to
handled," stated IRDAI’s circular. embark into the insurance business. Paytm will
foray into the insurance business with subsidiary
In accordance with the IRDAI circu- Paytm Insurance Broking.
lar, if a policy covers hospitalisation,
all Coronavirus cases must be expe- The insurance company is planning to offer insur-
ditiously handled. The circular also ance products all over the four categories inclu-
states that flowing the terms and sive of auto, health, and life. In addition to that, customers will also be able to
conditions of policy contract, the avail policy management and claim settlement services at select merchant
costs of medical expenses is required points, stated the company.
to be settled. “This would enable us to offer a wider suite of product offerings from a large
As per the circular, the regulator also set of insurance partners. The potential of the insurance business is huge as the
asked the insurers to conduct a thor- market is still under-penetrated in India. As a company, we fully rely and trust
ough review before rejecting any on our merchant partners, selling insurance products and augmenting their in-
Coronavirus claims. come options while driving penetration," said Amit Nayyar, President, Paytm.

10 The Insurance Times, April 2020