Irdai asks insurers to share status of claims with policyholders from July 1
5 years, 11 months ago

Irdai asks insurers to share status of claims with policyholders from July 1

Live Mint  

New Delhi: Insurance companies will have to inform about claim settlement status to policyholders at various stages of processing from July, Irdai said Wednesday. "In order to ensure fair and transparent claim settlement procedures, all insurers shall notify about the status of the claim at various stages of its processing. "In case of health insurance, where third party administrators are engaged for rendering claims services, it is the responsibility of insurers to ensure that status of claim shall be notified to the claimant at every stage of claim," the Insurance Regulatory and Development Authority of India said. "In case of health insurance, where TPAs are engaged for rendering health services, insurers shall ensure that all related communications such as issuance of ID card are sent either by the TPA or shall be carried out by insurers on their own," the circular said.

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History of this topic

General insurance claims to get easier, more insurance products choices: IRDAI
9 months, 2 weeks ago

General insurance claims to get easier, more insurance products choices: IRDAI

Hindustan Times  

The Insurance Regulatory and Development Authority of India has issued a new circular on general insurance to simplify various insurance processes and improve the overall customer experience. Representational The changes include the following: 1.No insurance claim shall be rejected for want of documents The IRDAI wrote that required documents are to be called at the time of underwriting the proposal, …

Health insurance: IRDAI sets 3-hour time limit to clear cashless claims. Details here
10 months ago

Health insurance: IRDAI sets 3-hour time limit to clear cashless claims. Details here

Hindustan Times  

The Insurance Regulatory and Development Authority of India made major changes in the regulatory norms for health insurance policies and issued a comprehensive Master Circular on Health Insurance Products repealing 55 circulars. Health insurance: The IRDAI issued a comprehensive Master Circular on Health Insurance Products repealing 55 circulars. To serve the same purpose, insurers must offer diverse insurance products catering …

IRDAI Issues Instructions Insurance Companies To Simplify Policy Terms For Customers
1 year, 5 months ago

IRDAI Issues Instructions Insurance Companies To Simplify Policy Terms For Customers

News 18  

The Insurance Regulatory and Development Authority of India has issued new instructions to insurance companies, directing them to provide policyholders with comprehensive information in a standardised format. The circular stated, “Since a policy document may be fraught with legalese, it is imperative to have a document that explains, in simple words, the basic features concerning the policy and provides necessary …

IRDAI mandates updated, simple customer info sheet for health insurance cover from January
1 year, 5 months ago

IRDAI mandates updated, simple customer info sheet for health insurance cover from January

The Hindu  

An updated customer information sheet for health insurance cover providing policyholders key information in simple terms while highlighting their obligations to make transparent and fair disclosures will be issued from January. From coverage details, waiting period, limits, exclusions, concepts like free look cancellation, migration, portability, moratorium period, guidance on procedure for claims submission and contact details for filing complaints will …

IRDAI directs insurers to fast-track claim settlement process due to Biparjoy
1 year, 9 months ago

IRDAI directs insurers to fast-track claim settlement process due to Biparjoy

The Hindu  

Insurance regulator IRDAI has asked insurers to settle claims in the states affected by cyclone Biparjoy in an expeditious manner. In a circular to CEOs of all general insurance companies, and standalone health insurance companies, the Insurance Regulatory and Development Authority of India said it needs to be ensured that all claims are surveyed immediately and claim payments/on account payments …

Irdai directs insurers to fast-track claim settlement process due to Biparjoy
1 year, 9 months ago

Irdai directs insurers to fast-track claim settlement process due to Biparjoy

ABP News  

The Insurance Regulatory and Development Authority of India has asked insurers to settle claims in the states affected by Cyclone Biparjoy in an expeditious manner. In a circular to CEOs of general insurance companies and standalone health insurance companies, the insurance regulator has advised them to expedite the settlement of claims in the states affected by cyclone Biparjoy. Insurers will …

Insurance Claim: Three methods to help you resolve insurance-related issues faster; check details
2 years, 4 months ago

Insurance Claim: Three methods to help you resolve insurance-related issues faster; check details

Firstpost  

Insurance coverages are common among individuals who want to ensure financial security for emergency situations. Policyholder objections are regularly sent to the insurance company, but sometimes the customers don’t receive any desired response from the company officials. Here are some additional methods to resolve insurance policy-related issues: Contact the Grievance Redressal Officer: Every insurance company assigns a Grievance Redressal Officer …

Settle cyclone claims early, IRDAI tells general, health insurers
3 years, 10 months ago

Settle cyclone claims early, IRDAI tells general, health insurers

The Hindu  

The Insurance Regulatory and Development Authority of India has advised general and standalone health insurers to ensure that all eligible claims, of policyholders, pertaining to Tauktae and Yaas cyclones are expeditiously settled. “There is an urgent need for the insurance industry to take immediate steps to mitigate the hardships of the affected insured population by ensuring immediate registration and settlement …

Delhi High Court Seeks Response From IRDAI On Plea Alleging Failure To Protect Interests Of Policy Holders
4 years ago

Delhi High Court Seeks Response From IRDAI On Plea Alleging Failure To Protect Interests Of Policy Holders

Live Law  

The Delhi High Court has sought response from the Insurance Regulatory Development Authority of India on a petition alleging inaction on its part for protecting the interest of various policy holders. Under Section 14 of the IRDAI Act, 1999, the authority is entrusted to protect the interests of policy holders in matters concerning assigning of policy, settlement of insurance claims, …

IRDAI asks insurers to issue Digilocker to policyholders
4 years, 1 month ago

IRDAI asks insurers to issue Digilocker to policyholders

The Hindu  

Insurance sector regulator IRDAI has asked insurers to issue digital policies to their policyholders and also tell them how to use these documents. In its circular issued to all insurers excluding GIC Re, Lloyd's and FRBs, IRDAI said that Digilocker will drive reduction in costs, elimination of customer complaints relating to non-delivery of policy copy, improved turnaround time of insurance …

IRDAI Notifies Minimum Information For Insurers, Intermediaries And Insurance Intermediaries
4 years, 4 months ago

IRDAI Notifies Minimum Information For Insurers, Intermediaries And Insurance Intermediaries

Live Law  

On November 23, 2020, the Insurance Regulatory and Development Authority of India exercising its power under Sections 33 and 114A of the Insurance Act, 1938 read with Sections 14 and 26 of Insurance Regulatory and Development Authority Act of India, 1999 notified the IRDAI Regulations, 2020. Regulation 6 It mandates the insurer to maintain the following information for the business …

IRDAI Extends Electronic Customer Consent for Life Insurers Till March 2021
4 years, 4 months ago

IRDAI Extends Electronic Customer Consent for Life Insurers Till March 2021

News 18  

Regulator IRDAI has extended the facility for life insurers to obtain the consent of prospective policy holders electronically by three months till March 31, 2021. In view of the disruption of normal business activity following outbreak of the coronavirus pandemic, IRDAI in August, on an experimental basis, had permitted life insurers to obtain consent of customers for pure risk products …

IRDAI proposes changes to insurance advertisement regulations
4 years, 5 months ago

IRDAI proposes changes to insurance advertisement regulations

The Hindu  

In a bid to protect consumers, regulator IRDAI has proposed to prohibit insurers from issuing The unfair and misleading The Insurance Regulatory and Development Authority of India is seeking to come out with new The objective of the proposed regulation, IRDAI said, is to ensure that the insurers, intermediaries or insurance intermediaries adopt fair, honest and transparent practices while issuing …

Deal Directly With Insurers or Registered Agents, Irdai Cautions Public Against Fraudulent Offers
4 years, 8 months ago

Deal Directly With Insurers or Registered Agents, Irdai Cautions Public Against Fraudulent Offers

News 18  

Cautioning people against fraudulent offers being made by unscrupulous elements, Irdai on Monday asked the public to directly deal with insurance companies or registered intermediaries/agents while purchasing a policy. In a public notice, the regulator said that the general public/policyholders have been receiving spurious calls from unidentified and unscrupulous individuals, posing as officials or representatives of Irdai, with fictitious and …

Process claims in 2 hours, IRDAI tells health insurers
4 years, 11 months ago

Process claims in 2 hours, IRDAI tells health insurers

The Hindu  

Health insurers will have to convey their decision on requests raised for cashless treatment as well as on the final discharge or the amount that will be paid to the hospital within two hours. IRDAI wants insurers to “communicate the decision to the network provider within two hours from the time of receipt of authorisation request and last necessary requirement …

IRDAI seeks transparency in agent reward payout
4 years, 11 months ago

IRDAI seeks transparency in agent reward payout

The Hindu  

The Insurance Regulatory and Development Authority of India has observed that the board-approved policy of many insurers on rewards to be paid to agents and intermediaries lacks objectivity and transparency. “In certain instances, the policy allowed delegation of power to the CEO or other authorised person to decide on the rewards to be given to insurance agents and insurance intermediaries. …

Kerala Floods: Guidelines Issued For Speedy Settlement Of Insurance Claims
6 years, 7 months ago

Kerala Floods: Guidelines Issued For Speedy Settlement Of Insurance Claims

Live Law  

The Insurance Regulatory and Development Authority of India has issued guidelines for speedy settlement of insurance claims of victims of recent floods in Kerala.By a circular dated August 17, the insurers have been directed to take immediate action to ensure that all reported claims of life insurance are registered and eligible claims are settled expeditiously.With regard to. The Insurance Regulatory …

Kerala Floods: Guidelines Issued For Speedy Settlement Of Insurance Claims
6 years, 7 months ago

Kerala Floods: Guidelines Issued For Speedy Settlement Of Insurance Claims

Live Law  

The Insurance Regulatory and Development Authority of India has issued guidelines for speedy settlement of insurance claims of victims of recent floods in Kerala.By a circular dated August 17, the insurers have been directed to take immediate action to ensure that all reported claims of life insurance are registered and eligible claims are settled expeditiously.With regard to. The Insurance Regulatory …

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