New Delhi: In a recent exposure draft by the Insurance Regulatory and Development Authority of India (IRDAI), the authority has proposed an increase of 50 per cent in self-claims. Currently, the limits for self-declaration by customers for motor accidents is Rs 50,000.
With proposed draft, consumers can claim upto Rs 75,000. And anything above this limit would have to be assessed by an insurance surveyor.
The exposure draft is prepared for carrying out amendment of the existing IRDAI’s (Insurance Surveyors and Loss Assessors) Regulations, 2015.
IRDAI believes, for claim payment, the insurance surveyor and loss assessor plays a pivotal role in assessing the losses in case of general insurance claims.
“After a detailed analysis of various recommendations made by the above mentioned Committees as well as the Working Group, in an attempt to facilitate wider participation of younger generation to become surveyors, to meet the varied professional requirements of general insurance market and to rationalise the licensing requirements, it is felt essential to streamline the regulatory framework through amendment,” IRDAI said in its exposure draft.
It is crucial to enhance the loss limits and to utilize the manpower available within the insurance company up to the loss limits so that such claims are settled expeditiously, it further said.
With proposed draft, consumers can claim upto Rs 75,000. And anything above this limit would have to be assessed by an insurance surveyor.
The exposure draft is prepared for carrying out amendment of the existing IRDAI’s (Insurance Surveyors and Loss Assessors) Regulations, 2015.
IRDAI believes, for claim payment, the insurance surveyor and loss assessor plays a pivotal role in assessing the losses in case of general insurance claims.
“After a detailed analysis of various recommendations made by the above mentioned Committees as well as the Working Group, in an attempt to facilitate wider participation of younger generation to become surveyors, to meet the varied professional requirements of general insurance market and to rationalise the licensing requirements, it is felt essential to streamline the regulatory framework through amendment,” IRDAI said in its exposure draft.
It is crucial to enhance the loss limits and to utilize the manpower available within the insurance company up to the loss limits so that such claims are settled expeditiously, it further said.
