IRDA asks Bajaj Allianz to adhere to claim settlement norms
MDT/PTI 09 January 2013

The regulator has also directed Bajaj Allianz to put in place a system so that all claims, papers and documents are properly docketed

New Delhi: Taking serious note of violation of claims servicing regulations by Bajaj Allianz General Insurance, the Insurance Regulatory and Development Authority (IRDA) has asked it to “scrupulously adhere” to the norms, reports PTI.

 

“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.

 

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 claims/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.

Comments
Fresher
10 years ago
Hi there - I have a clarification regarding endowment policy. I have an endowment policy from ING vysya (ING life). The SA is 150000 for 20 years and I have paid 6 yearly premiums till 2012. The bonus accrued is around just 3300/- so far. So after reading this article I have written to them asking the surrender value as of now for my policy and then to decide whether to surrender or not. Hope I would not have much loss from this divorce!!!

Fresher
10 years ago
Hi there - I have a clarification regarding endowment policy. I have an endowment policy from ING vysya (ING life). The SA is 150000 for 20 years and I have paid 6 yearly premiums till 2012. The bonus accrued is around just 3300/- so far. So after reading this article I have written to them asking the surrender value as of now for my policy and then to decide whether to surrender or not. Hope I would not have much loss from this divorce!!!
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