The Hindu Business Line : IRDA for publicising tsunami claims in local languages

EVEN as the Union Government has estimated Rs 5,322-crore loss in Tamil Nadu, Andhra Pradesh, Pondicherry and Kerala on account of the tsunami devastation, the Insurance Regulatory and Development Authority (IRDA) has urged both the life and non-life insurance companies to go in for wide publicity on insurance claims in local languages.

In a communiqué to the industry players, the IRDA Chairman, Mr C.S. Rao, said some of the insurers had risen to the occasion by initiating proactive steps to ensure expeditious settlement of claims through the setting up of special cells, besides waiving some of the procedural requirements in case of genuine claims.

Stating that in some cases they had also publicised the measures adopted by inserting advertisements in the national dailies, the IRDA chief said since the majority of the lives and assets affected happen to be located in the coastal belt, it would be more desirable if wide publicity was given by all insurers to the population residing in the tsunami-affected areas in their local languages.

"This will not only help in sending the message right across to the affected public but also make them conversant about the procedure prescribed for early settlement," Mr Rao said.

Further, he said that the authority would like to be kept informed about the estimated loss and the measures adopted by the insurance companies to ensure discharge of their policy liabilities under the insurance contracts immediately. Subsequently, all the insurers have been advised to appraise the authority about the progress made in settlement of claims on a monthly basis in the prescribed format, Mr Rao said.

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Minister raps banks for rural neglect

Banks have enough to spare for infrastructure projects

Rupee weaker; bonds decline

Insurance: Recovering from tsunami's wrath

Life insurance ad spends up 84 pc

Roadmap for FDI hike in pvt banks soon

IMF regional training centre to be set up in NIBM campus

Banks hike rates on FCNR deposits

Shriram group to merge 3 cos

IRDA for publicising tsunami claims in local languages

Contributions to The Hindu Relief Fund