Insurers gear up to address Uttarakhand flood claims

Uttarakhand floods that have claimed over 100 lives in the last few days has also got insurance companies preparing for the claim settlement process. Both life and general insurance companies have said that their respective claims team have started gearing up to handle claims and process them in a quicker manner.

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Final Order in the matter of Life Insurance Corporation of India

In Chair: Sri J Hari Narayan, Chairman, IRDA

The Authority has received a complaint on 16th April, 2012 alleging the fictitious individual Micro Insurance Business procured by various Divisional Offices under the Central Zone (Bhopal) of Life Insurance Corporation of India (hereafter referred as the Life insurer). The Authority has carried out a focused onsite inspection of the Micro Insurance Unit, Bhopal Divisional Office of the Life Insurer during 25th April, 2012 to 27th April, 2012 which interalia revealed certain violations to various provisions of the Insurance Act, 1938, the Regulations notified there under and the Guidelines/Circulars issued by the Authority from time to time.

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