What is the time frame to acknowledge the notice of claims?

The time frame to acknowledge a notice of claims is 15 working days. This requirement is in place to ensure that insurance companies promptly respond to claims made by policyholders, reflecting the importance of timely communication in the claims process. Quickly acknowledging claims helps to maintain trust and transparency between the insurer and the insured, as it shows the insurer's commitment to handle claims efficiently. By setting a specific time frame such as 15 working days, regulators aim to create a standard that encourages insurers to prioritize claims processing and minimize delays that could negatively impact policyholders.