Insurance companies can't reject claims for lack of documents: IRDAI

The Insurance Regulatory and Development Authority of India (Irdai) mandated general insurance companies not to reject claims for lack of documents. Insurers must collect necessary documents during policy issuance and request only relevant documents during claim settlement.

Partial loss claims won't burden policyholders with salvage disposal; instead, insurers handle it. Surveyors must be assigned within 24 hours of a claim report, and insurers must settle claims within seven days of receiving the surveyor's report. Irdai allows retail customers to cancel policies anytime, while insurers can cancel for fraud with seven days' notice.

Insurers must refund premiums for unexpired policy periods without claims. These changes align with Irdai's principle-based regulations, aiming to enhance efficiency, innovation, and market adaptation while strengthening risk management and customer information mechanisms.