The Insurance Regulatory Development Authority (Irda) has removed the industry-wide limits imposed on surveyors from assessing damages. It has instead asked general insurance companies to fix their own limits.
The companies will have to file the guidelines with the regulator and also display them on their website.
“The authority has decided that the insurers may, with immediate effect, have their own internal limits in allocation of survey or loss assessment work to the three categories of surveyors,” Irda said in a circular issued On Monday.
“Initially the move will not lead to uniformity in the system but in due course it will become more or less uniform ” an Irda official said.