Odisha Train Accident: IRDAI directs insurers to expedite, ease claim settlement process for victims

The Insurance Regulatory and Development Authority of India has directed all the insurance companies to proactively process, simplify and fast-track settlement claims of Odisha triple train clash victims. The companies include life, non-life and health insurance companies.

“Claims shall be processed proactively, if the insured’s name is in the list of deceased or injured persons…and was travelling in the trains which met with accident as identified by the appropriate government authorities,” the IRDAI said in a circular issued to insurers on June 5. IRDAI has also directed the companies to fast-track disbursement of approved claims.

Apart from this, the insurance regulator has also asked the companies to display information related to the accident claims on their website on a daily basis for one week, and then on a weekly basis for a month. The information would include, every detail on claims received, settlement and outstanding under Pradhan Mantri Suraksha Bima Yojana (PMSBY), policies issued through Indian Railway Catering and Tourism Corporation (IRCTC), other individual or group personal accident policies, as well as health insurance claims.

“There is an urgent need for the insurance industry to take immediate steps to mitigate the hardships of the affected insured population by ensuring immediate registration and settlement of eligible claims,” the insurance regulator has said.

IRDAI has also asked the companies to have a designated offices or set up camps to ensure that the claim settlement is smooth. The details of these offices should be published through websites, media, and state government channels.

The insurance companies will have to set up a helpline number to deal with queries from victims and their families. This will be supervised by a senior officer, who would act as a nodal officer.

“The nodal officer would be coordinating the receipt, processing, and settlement of all eligible claims. The details of the nodal officer and the helpline number of the insurer may be given due publicity including hosting on the website”.

Insurers are also asked to undertake awareness programs elaborating on the simplified process of filing claims.