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.
Consultation paper on Maintenance of Record of Mandatory Communication by Regulated Entities
It is proposed that the regulated entities maybe mandated to maintain the record of all such communication, which are mandated to be communicated under the