Irdai points grasp round, asks all insurers to switch unclaimed deposits for over 10 years to SCWF | Private Finance Information

Irdai issues master circular, asks all insurers to transfer unclaimed deposits for over 10 years to SCWF

New Delhi: Insurance coverage regulator Irdai has issued a grasp round on unclaimed quantity of policyholders, asking all insurers to switch the deposits of policyholders which were laying unclaimed for over 10 years to the Senior Residents’ Welfare Fund (SCWF).

“All insurers having unclaimed quantities of policyholders for a interval of greater than 10 years as on September 30, yearly need to switch the identical to Senior Residents’ Welfare Fund (SCWF) on or earlier than March 1, of the monetary yr,” the Insurance coverage Regulatory and Improvement Authority of India has mentioned in a round.

Irdai has requested insurers to comply with accounting process as detailed within the notification dated December 2017. Each monetary yr the method laid down within the SCWF Guidelines, 2016, shall be adopted as regards switch of the unclaimed quantities of policyholders, it added.

Life, non-life and medical health insurance service suppliers must comply to the SCWF Guidelines, 2016 yearly.

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The instructions within the Grasp round are hereby being up to date extra significantly, with regard to the monitoring, reporting and certification of unclaimed quantities. The grasp round additionally gives for convergence in compliance taking into consideration varied circulars issued by the Authority on the topic in addition to the SCWF Act and the Guidelines notified thereunder, Irdai mentioned.

An curiosity bearing account within the public fund of the federal government, SCWF has been arrange for selling welfare of senior residents by way of schemes resembling previous age pensions, long run financial savings devices, promotion of well being care and diet and reasonably priced well being care amongst others.