<h1>IRDA Confirms No Reports of Insurers Collecting High Premiums for Low Payouts; Settlements Monitored u/s 45.</h1> The Insurance Regulatory and Development Authority (IRDA) has not received reports of insurance companies collecting large premiums and offering minimal compensation. Life insurance claims are settled according to the Insurance Act, 1938, specifically Section 45, while non-life claims depend on policy terms, insured sums, and the principle of indemnity. The IRDA monitors claim settlements, collecting data on repudiated and outstanding claims, and conducts periodic inspections. Regulatory actions are taken if deviations are found. This information was provided by the Minister of State for Finance in response to a question in the Lok Sabha.