IRDAI – Cyclone Michaung – Circular dated 18.12.2023 – Salutary decision to grant special dispensation to General Insurers and increasing limit of losses for appointment of Surveyors and Loss Assessors

IRDAI Circular dated 18.12.2023 has increased the limit of losses for appointment of Surveyors and Loss Assessors specified in Regulation 12(2) of the IRDAI (Insurance Surveyors and Loss Assessors) Regulations, 2015 – from Rs.50,000 to Rs.1,00,000 for Motor Insurance and other than Motor Insurance – from Rs.1,00,000 to Rs.5,00,000/-.

This special dispensation is granted in exercise of the powers under Section 64UM(4) of the Insurance Act, 1938, to expedite settlement of the cyclone claims.

Moreover, the special dispensation is applicable to Michaung and subsequent heavy rains / floors for a period of two months from 18.12.2023.

Insurance claims relating to Cyclone Michaung and subsequent heavy rains_floods.pdf