Lok Sabha Question No. 5022 (UNSTARRED), answered on 2016-12-16
Subject: Settlement of Insurance Claims
Ministry: FINANCE
Asked by: ARVIND GANPAT SAWANT, MANSHANKAR NINAMA, A. ARUNMOZHITHEVAN

## Government of India

## Ministry of Finance Department of Financial Services Lok Sabha Unstarred Question No. +5022

To be answered on December 16, 2016/Agrahayana 25, 1938 (Saka) Friday,

## Settlement of Insurance Claims

+5022. SHRI ARVIND SAWANT: SHRI MANSHANKAR NINAMA: SHRI A\_ ARUNMOZHITHEVAN:

Will the Minister of FINANCE be pleased to state:

- a) the details of the premium collected and claims settled by the insurance companies of and private sector during the last three years and the current year; public
2. (b) whether the   Insurance   Regulatory   and Development   Authority of India   (IRDAI) monitors on quarterly basis the status of claim settled and payment made by the insurance companies;
3. (c) if s0, the details thereof; and
4. (d) if not; the reasons therefor and the steps taken/being taken for the speedy disposal of insurance claims of the people and protection of their interests?

## Answer Minister of State in the Ministry of Finance Shri Santosh Kumar Gangwar

- (a): The details of the premium collected and claims settled by life and non-life insurance companies the last three years and current year are annexed as Annexure A and Annexure B' respectively. during
- (b) to (d): Insurance Regulatory and Development Authority of India (IRDAI) analyses the claims data of insurers on   quarterly basis and abnormal variations/ deviations/discrepancies noticed, if any, are taken up with the insurers during the regular onsite inspection: Based on

Regulation 8 of the IRDA (Protection of  Policyholders Interest)   Regulations,  2002 contains provisions related to the procedures to be followed for claim settlement in respect of life insurance policies.

Regulation 9 of the above said Regulations contains provisions related to the procedures to be followed for claim settlement in respect of general insurance policies.

Apart from this, IRDAI periodically carries out inspection of insurance companies which includes the exa mination of claims payment practices of the insurers and their compliance to the regulatory framework in place. put

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