IRDAI asks insurers to transfer unclaimed money to senior citizens’ welfare fund

Our Bureau

Hyderabad, February 8

Insurers will have to transfer unclaimed amounts of policyholders for a period of more than 10 years as on September, 30, 2017, to the Senior Citizens’ Welfare Fund (SCWF).

The transfer should be made on before March 1, 2018, the Insurance Regulatory and Development Authority of India (IRDAI) said in a circular to all insurers.

The regulator had directed the insurers to adhere to the accounting procedure for transfer of the funds into the SCWF issued by the Budget Division, Department of Economic Affairs, Ministry of Finance.

Thereafter, every financial year, the process laid down in the SCWF Rules 2016 shall be followed.

Published on February 08, 2018
TOPICS
IRDA
insurance

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