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IRDA agrees to look into Covid-19 insurance claims

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MUMBAI : The Insurance Regulatory and Development Authority (IRDA) on Monday agreed to look into the Covid-19 policy claims that were rejected by insurance companies.

This comes after a public interest litigation was filed by a Manav Seva Dham (petitioner), a social services’ trust against various insurance companies before the Bombay High Court.

According to the petition, it has been alleged that various insurance providers engaged in a number of offences, misusing policyholder funds, rerouting funds through additional businesses, and paying exorbitant overriding commissions to banks and their agents.  “The insurance companies are unjustly denying their Covid-19-related claims, it claimed, even in the midst of the ongoing pandemic Covid-19, in which the country’s residents have not only lost their jobs but also depleted their money", it said.

Additionally, the petitioner submitted that Insurance companies have caused wrongful losses to the policyholders. Essentially the petitioner asked the court to ass an order to ensure that the insurance claims submitted by the policyholders due to Covid-19 pandemic were not arbitrarily rejected.

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