The Insurance Regulatory and Development Authority of India (IRDAI) on December 18, 2023, issued the notification regarding the Insurance claims relating to Cyclone Michaung and subsequent heavy rains/floods.
The following has been stated namely: -
• The authority grants special dispensation to General Insurers by increasing the limit of losses for the appointment of Surveyors and Loss Assessors as per the following: -
1. Motor Insurance – from current Rs. 50,000/- to Rs. 1,00,000/-
2. Other than motor insurance – from current Rs. 1,00,000/- to Rs. 5,00,000/-
• The special dispensation granted is applicable to the claims arising out of Cyclone Michaung and subsequent heavy rains/floods for a period of two months from December 18, 2023.
[Notification No. IRDAI/NL/CIR/MISc/216/12/2023]
