IRDAI issues Master Circular regarding unclaimed amounts of policyholders

Nov 19, 2020 | by Avantis RegTech Legal Research Team

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Industry Specific Compliance

The Insurance Regulatory and Development Authority of India (IRDAI) on November 18, 2020 has issued Master Circular for unclaimed amounts of policyholders. All insurers having unclaimed amounts of policyholders for a period of more than 10 years as on September 30, every year have to transfer the same to the Senior Citizens’ Welfare Fund (SCWF) on or before March 01 of the financial year. The Master Circular also provides for convergence in compliance taking into account various circulars issued by the Authority on the subject as well as the Senior Citizens’ Welfare Fund (SCWF) Act and the Rules notified thereunder.

[Circular no- IRDA/F&A/CIR/Misc/282 /11/2020]

 


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