J&K Claims: Insurance Regulator Ups Limit of Loss Required to be Surveyed
New Delhi: The Insurance Regulatory and Development Authority has raised the limit of losses required to be surveyed for settlement of claims in flood-hit Jammu & Kashmir to Rs 50,000 from Rs 20,000 earlier.
"...the Authority (Irda) hereby raises the limit of losses required to be surveyed by a licensed surveyor and loss assessor for settlement of claims arising out of recent floods in the state of Jammu & Kashmir from Rs 20,000 to Rs 50,000," the insurance sector regulator said in a communication to heads of general insurance companies.
Irda said the exemption will be valid for two months.
It also said the special dispensation is given to insurers to ensure expeditious settlement of claims and for mitigating hardships to policyholders in Jammu & Kashmir.
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