Important Updates
To Promote & Enhance Insurance Claims Settlement Systems & Customer
“Individually, we are one drop; Together, we are an ocean.”
-- RyunosukeSatoro
Association of Insurance Claims Management (AiCM)was informally formed in the year 2003 with a single objective of getting the industry together to collectively fight out one of the then biggest fraud claim worth around 5 to 6 crores. This experience of united working & collective approach gave a clear direction to the industry to work together to not only fight frauds but also avoid such frauds by creating common databases of fraudulent locations, agents, investigators, medical centers etc.
Life insurers have been bracing for a surge in fraudulent claims after the implementation of Section 45 in the Insurance Amendment bill which says that life insurers cannot repudiate a claim after three years of the policy being in force even if a fraud is detected.
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Insurance sector regulator Irdai has recommended waiver of service tax on the premium amount being paid by policyholders in order to have a level playing field with other financial products, a top official said.
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