Irda asks Bajaj Allianz to adhere to claim settlement norms

Tags: News
Taking serious note of violation of claims servicing regulations by Bajaj Allianz General Insurance, insurance regulator 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 complaint filed by an individual with regard to delay in settlement of motor insurance claim.

The Insurance Regulatory and Development Authority (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.


  • Long-term health cover makes good sense for both the insurer and the insured

    Long-term health insurance products make enormous sense.


Stay informed on our latest news!


Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs


Urs Schoettli

America lacks will to contain China

Recently both the Chinese leader Xi Jinping and Indian prime ...

Zehra Naqvi

Exercise gets creative juices flowing

Ever known that feeling of being sluggish and drowsy, of ...

Bubbles Sabharwal

You are what you believe yourself to be

The Gita says a man is what his shraddha is. ...


William D. Green

Chairman & CEO, Accenture