BHARATIYA  JANATA  PARTY       Maharashtra

Old Barracks , Opp LIC , Off Nariman Point , Mumbai 400 020  Tel  2202 2050

28 July 2005

The Chairman

Insurance Regulatory & Development Authority,India

Hyderabad

Sub: Insurance Claims : Special Package, Special Task Force for Mumbai- Natural Calaminity – Disaster : Settlement Claims

Mumbai has seen the worst disaster due to the Nature – Monsoon Havoc during last two days.Our observations

1. More than  1 lacs  Commercial Establishments,Retal Outlets,Eating Outlets,Offices,Godowns,Ware houses,Clinics on ground floors,basements have got damaged,ruined

2. More than 3 lacs Vehicles,Cars,Buses,Taxis,Auto Rickshaws,Two Wheelers,Trucks,Trollers,Tempos got damaged,drained

3. More than 50,000 houses, located on ground floor got affected. Furniture & Fixtures ,T V , Refridgerators,Home Appliances ,IT Appliances got damaged

4. Industrial Establishment got water logged.Machinery,Goods,Raw Material etc damaged

Most of the above are insured.The insurance companies do not have infrastructure to handle such situation.Their offices,Staff,Agetns also got suffered .Not available at all.People doesn’t know who to be approached.Phones are not working.Insurance companies are closed.No body available.

Horrible situation.In Mumbai,Navi Mumbai & Thane District alone the damages,the business losses,claims will not be less than Rs 2000 crores.Small Traders,Self Employed Persons,Residents who are paying,paid insurance premiums for years,decade together are worried about their claims.They have to re-start their activities,business activities.Till the surve,claim formalities are not completed they can not start their routine,business activities.

All the Insurance Companies,Private & Govt, doesn’t have infrastructure, MASS CLAIM ACCEPTANCE,SURVEY & SETTELEMENT  System. In routine, presently yhe Insurance Co may be having system to handle only few hundred claims per day.It is impossible for them to handle more than ONE LAC claim of this Natural Calaminity.

Lacs of people employed in such establishments will not be able to join their employments. Many may be on Daily Wages Basis.

In the above situation , WE DEMAND

1.Special Cell

2.Immidiate Actions

3.Special Package

4.Help of Staff, System in Insurance Companies from outside Mumbai

5.Special Relief

6.Immidiate acceptance,settlements,payment of Small Claims upto Rs 1 lac.

6.Opening of Special Counters at Bank Branches & other places to accept Claims

7 High level Cordination Commitees of Insurance Companies

8 High level Special Cell to supervise,monitor ,implement & support at IRDA & at Finance Ministry

WE request IRDA , Finance Ministry, Insurance Companies to treat this as Urgent & take immediate steps & make announcements.

( KIRIT SOMAIYA ,Ex MP)          (MAHESH KARIA )          (MANOJ KOTAK)

BJP ALL India Convenor – Investors Cell