Irda moves to speed up settlement claims in flood-hit states
Press Trust of India / Mumbai Oct 09, 2009, 20:59 IST
In order to speed up settlement of claims in flood-hit states, insurance watchdog Irda today raised the limit of losses required to be assessed by a licensed surveyor to Rs 50,000 for a period of two months.
"As a special case, authority has raised the limit of losses required to be surveyed by a licensed surveyor or loss assessor for settlement of claims from Rs 20,000 to Rs 50,000 for the recent floods in Karnataka, Andhra Pradesh, Goa and Maharashtra alone, for a period of two months from October 8," Irda said in a circular here.
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