Ref. No:IRDA/F&A/CIR/Misc/282 /11/2020
All Life/ General/ Health Insurers
Master Circular: Unclaimed Amounts of Policyholders
The Authority has issued various directions regarding the Unclaimed Amounts of Policyholders from time to time. All such directions were consolidated and issued in the form of a 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 have 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 dt. 21.12.2017 (copy enclosed) to transfer the unclaimed amounts to the designated account of the Govt of India. Every financial year the process laid down in the SCWF Rules, 2016 (copy enclosed) shall be followed as regards transfer of the unclaimed amounts of policyholders.
The directions in the Master Circular (Ver 02) are hereby being updated, more particularly, with regard to the monitoring, reporting and certification of unclaimed amounts. The Master Circular also provides for convergence in compliance taking into account various circulars issued by the Authority on the subject as well as the SCWF Act and the Rules notified thereunder.