Finance Ministry Meets PSU Insurers, Regulator to Expedite Claims in Tamil Nadu

New Delhi: The Finance Ministry on Monday held a review meeting with public sector insurance companies including LIC and discussed ways for expeditious disposal of claims related to floods in Tamil Nadu.

The meeting was "held with IRDA, LIC, all Public Sector General Insurance Companies and GIPSA to review the position in flood affected state of Tamil Naidu", the ministry said in a statement.

Insurance regulator IRDA (Insurance Regulatory Authority of India) has issued instructions for the appointment of Nodal Officers for Private Sector Insurance Companies (PSIC) and expeditious disposal of claims by them, it said.

"Nodal officers in respect of settlement of insurance claims were appointed last week by LIC and all four PSICs and details shared with the government of Tamil Nadu," it said.

It added that LIC and other companies are organising awareness camps for facilitation and coordination in settlement of claims.

Joint publicity for these camps will be made by the United India Insurance Company Ltd based at Chennai and also for collecting and sharing the data for all the companies for better coordination

The insurance companies have deputed adequate number of surveyors on the ground so as to process the claims speedily and effectively, it said, adding that they are also deputing surveyors from the adjoining states if necessary.

The survey formats have been simplified to meet the emergent needs.

The companies have delegated additional financial power to their field functionaries so that claims can be approved in minimum time at the local level, it added.