The Insurance Regulatory and Development Authority of India (“IRDAI”) in a Master Circular dated 18th November 2020 has directed insurers to transfer unclaimed amounts of policyholders to the Senior Citizens’ Welfare Fund (“SCWF”) on or before 1st March 2021.
Note- Insurers need to follow the accounting procedure as detailed in the notification dated 21st December 2017 (copy enclosed) to transfer the unclaimed amounts to the designated account of the Govt of India.
Source: Insurance Regulatory and Development Authority of India
