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

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New Delhi: Insurance 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 Citizens’ Welfare Fund (SCWF).

“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 Senior Citizens’ Welfare Fund (SCWF) on or before March 1, of the financial year,” the Insurance Regulatory and Development Authority of India has mentioned in a round.

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

Life, non-life and medical insurance service suppliers should comply to the SCWF Rules, 2016 yearly.

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The instructions within the Master round are hereby being up to date extra significantly, with regard to the monitoring, reporting and certification of unclaimed quantities. The grasp round additionally supplies for convergence in compliance bearing in mind numerous circulars issued by the Authority on the topic in addition to the SCWF Act and the Rules 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of the federal government, SCWF has been arrange for selling welfare of senior residents by way of schemes similar to outdated age pensions, long run financial savings devices, promotion of well being care and vitamin and reasonably priced well being care amongst others.

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