Date:06/08/2005 URL: http://www.thehindubusinessline.com/2005/08/06/stories/2005080602410600.htm

Back IRDA relaxes norms for flood loss survey

Our Bureau

Hyderabad , Aug 5

AS a special case in view of the recent floods in Maharashtra and Gujarat, the Insurance Regulatory and Development Authority (IRDA) has decided to temporarily raise the limit of losses required to be surveyed by a licensed surveyor and loss assessor for settlement of claims.

In a circular, the IRDA Chairman, Mr C.S. Rao, said that the limit has been increased to Rs 50,000 from the existing Rs 20,000 for the recent floods in Maharashtra and Gujarat alone.

The enhanced limit would be in force for a period of two months from Wednesday.

"The insurers may utilise the services of in-house surveyors for assessing losses up to Rs 50,000. This special dispensation is given to insurers to ensure expeditious disposal of claims and for mitigating hardships to policyholders," the IRDA Chairman said.