Chennai, Sep 17 (IANS): The insurance regulator has relaxed the norms for compulsory survey of losses in order to settle fast the claims arising out of floods in Jammu and Kashmir.
In a communication to all the heads of general insurers, T.S.Vijayan, chairman, Insurance Regulatory and Development Authority (IRDA) said the limit of losses required to be surveyed by a licensed surveyor/loss assessor had been increased to Rs.50,000 from Rs.20,000.
The exemption is valid only for two months.
According to the Insurance Act, losses over Rs.20,000 has to be surveyed by a licensed surveyor.
Earlier, the IRDA had asked the life insurers to nominate a senior official as a nodal officer for coordination purposes.
The IRDA also asked the life insurers to publicise a dedicated toll free phone number, a dedicated e-mail ID and contact address of the local office.