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Tuesday, January 8, 2013

IRDA asks Bajaj Allianz to adhere claim settlement norms

Taking serious note of violation of claims servicing regulations by Bajaj Allianz General Insurance, insurance regulator Insurance Regulatory and Development Authority (IRDA) has asked it to ’scrupulously adhere’ to the norms.

“The competent authority has taken serious note of your company’s violation of regulations...of IRDA (PPI) Regulations, 2002 in the matter,” it said in response to a complaint filed by an individual with regard to delay in settlement of motor insurance claim.

The IRDA, however, did not impose any monetary penalty.

“While no further charges are pressed for the moment, you are specifically advised to scrupulously adhere to IRDA PPI Regulations 2002 in all matters regarding claims servicing,” it said in a communication to Tapan Kumar Singhel, CEO, Bajaj Allianz General Insurance Company.

The regulator has also directed Bajaj Allianz to put in place a system so that all claim/papers/documents are properly docketed.

IRDA guidelines require that general insurance claims should be settled in 30 days of the filing of claims by the insured person.


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