Page 10 - Insurance Times April 2020
P. 10

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
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