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Supreme Court Speeds Up Motor Accident Claim Payments

Supreme Court Speeds Up Motor Accident Claim Payments

The Supreme Court's recent decision directs insurance companies to pay motor accident claims directly to the claimants' bank accounts, aiming to speed up the compensation process. Traditionally, insurers deposited claims with tribunals, causing delays. This new guideline is welcomed by insurance officials, who believe it will make the claims process more efficient. Currently, over 10 lakh claim cases are pending in India. The insurance sector reported significant premium income, emphasizing the need for prompt payments. By ensuring timely compensation, this ruling helps alleviate the financial burden on accident victims.

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