Insurance regulator diktat on J&K flood cover claims

This exemption is valid for a period of two months from the date of this order

The Insurance Regulatory and Development Authority (Irda) on Wednesday raised the limit of losses required to be surveyed by licenced surveyors and loss assessor for settlement of claims arising out of the recent floods in Jammu & Kashmir from Rs 20,000 to Rs 50,000.

This exemption is valid for a period of two months from the date of the order, it said.

This special dispensation is given to insurers to ensure expeditious settlement of claims and for mitigating hardships to policyholders in the State of Jammu and Kashmir.