The Insurance Development and Regulatory Authority (Idra) on Sunday issued the "Insurance Claims Management Guideline 2024" to ensure transparency and accountability in the operations of insurers and safeguard the customers' interests.
A letter signed by Idra director (law) Md Abdul Mazid was dispatched to all life and non-life insurance companies and associated institutions on Sunday.
The guideline encompasses entities like insurers, reinsurers, surveyors, insurance agents, intermediaries, service providers, and extends to customers and other relevant parties as determined by the Idra.
The guideline delineates the obligations of insurers, duties incumbent upon insurance customers, responsibilities of reinsurers and surveyors, and the requisite criteria for effective insurance claims management.
Additionally, it outlines the establishment of help desks of insurance companies, including call centers, as well as delineates the roles and responsibilities of the board of directors and its committees.
The guideline also specifies five essential actions that insurance customers must undertake.
These include promptly notifying the insurer in the event of a loss or accident as per the stipulated time frame outlined in the insurance contract, and subsequently submitting all pertinent documents related to the insurance claim to the insurer.
The guideline outlines seventeen actions incumbent upon insurance companies in managing insurance claims.