Unclaimed amounts of policyholders to be transferred to the Senior Citizens’ Welfare Fund

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IRDAI vide circular dated 18.11.220 has amended the Master Circular dt. 25th July, 2017. All insurers having unclaimed amounts of policyholders for a period of more than 10 years as on 30th September, every year are directed to transfer the same to the Senior Citizens’ Welfare Fund (SCWF) on or before 1st March of the financial year. Insurers need to follow the accounting procedure as detailed in the notification dated. 21.12.2017 to transfer the unclaimed amounts to the designated account of the Govt of India.

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