Mumbai, Dec. 17 -- Insurance Regulatory and Development Authority of India (IRDAI) has taken various regulatory measures for protection of policyholders' interests which require insurers to adopt transparent, time-bound and fair claim-settlement processes. The Regulations form the primary legal instrument to prevent arbitrary or coercive practices during motor claim settlement.

The IRDAI (Protection of Policyholders' Interests, Operations and Allied Matters of Insurers) Regulations, 2024 stipulate that insurers must have board-approved claim-settlement policies, disclose the roles, duties and appointment details of surveyors/loss assessors to the insured, and ensure that all claim deductions and settlements are transparent, reasonable an...