The insurance regulator has proposed to increase the ceilings for self-assessment of damage, in a move aimed at facilitating the processing of insurance claims.
The current limit for self-declaration by customers for motor accident claims is INR50,000 ($710), and INR100,000 for fire, home, marine, engineering and other insurance claims. Any loss estimated at above these limits would have to be assessed by an insurance surveyor, reported Times of India.
The IRDAI proposed changes would mean that customers can self-declare in the case of motor accidents up to INR75,000, and for non-motor claims up to INR150,000. These increases are set out in an draft exposure for amending the Insurance Surveyors and Loss Assessors Regulations.
IRDAI is also looking at revising the fee structure and duties and responsibilities of surveyors, and at making insurers more responsible for the instruction, education and financial well-being of surveyors. Another change is more flexibility in the appointment of surveyors.