IRDAI vide Circular bearing reference number: IRDA/NL/CIR/MISC/216/12/2023 dated December 18, 2023, issued an advisory on Insurance claims relating to Cyclone and subsequent heavy rains/floods in Michaung (“Circular”). This Circular is in continuation of the IRDAI’s Circular no: IRDA/NL/CIR/MISC/215/12/2023 dated December 09, 2023
The major highlights of the Circular are as follows:
1. Special dispensation to General Insurers, the limit of losses for the appointment of Surveyors and Loss Assessors has been increased as under:
a. Motor Insurance – from current Rs. 50,000/- to Rs. 1,00,000/-
b. Other than motor insurance – from current Rs. 1,00,000/- to Rs. 5,00,000/-
2. The special dispensation applies:
a. to the claims arising out of Cyclone Michaung and subsequent heavy rains/floods
b. for two months from the date of issuance of the Circular only.
Source category: IRDAI
Attachments
- /2023/320_Insurance_claims_relating_to_Cyclone_Michaung_and_subsequent_heavy_rains_floods2.pdf
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