Irda asks Bajaj Allianz to adhere to claim settlement norms
Jan 08 2013 , New Delhi
"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.