IRDAI vide Circular bearing reference number: IRDA/NL/CIR/MISC/216/12/2023 dated December 18, 2023, issued an advisory on Insurance claims relating…

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:

• Motor Insurance – from current Rs. 50,000/- to Rs. 1,00,000/-
• Other than motor insurance – from current Rs. 1,00,000/- to Rs. 5,00,000/-

2. The special dispensation applies:

• to the claims arising out of Cyclone Michaung and subsequent heavy rains/floods
• for two months from the date of issuance of the Circular only.

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