Laws and sections by number or title, due dates, pages, and updates.
The Insurance Regulatory and Development Authority of India withdraws the requirement for insurers to disclose amounts transferred to the Senior Citizens' Welfare Fund as a contingent liability in financial statements. Insurers stop this disclosure from the financial year 2018-19 onwards. Insurers transfer unclaimed amounts of policyholders to the Senior Citizens' Welfare Fund Account after a period of 10 years. Insurers file an intimation of transfer with the Authority in the specified format within 7 days from the transfer date.
What you must do
Key dates
Who is affected
Thresholds
Ask about this circular
[Image omitted. See the official document.]
Ref No: IRDA/F&A/CIR/MISC/105/07/2018
Date: 11th July, 2018
CIRCULAR
To,
CMDs/CEOs
All Life/General/Health Insurers
Sub: Unclaimed Amount of Policyholders
Ref: Master Circular IRDA/F&A/CIR/Misc/173/07/2017 dated 25th July 2017
Senior Citizens' Welfare Fund Rules provides that in case insurers receive claims in respect of Unclaimed Amount of Policyholders which has been transferred to the SCWF, insurers may adjust the amount of such claims from the amount due to be transferred to SCWF.
In light of the above, Para 6(10) of the above referred Master Circular stands withdrawn. Accordingly, insurers need not to disclose the amounts transferred to the Senior Citizens' Welfare Fund (SCWF) as contingent liability as a part of their financial statements from financial year 2018-19 onwards.
It is hereby directed that an intimation of transfer of amount to Senior Citizens' Welfare Fund Account shall be filed with the Authority in format as enclosed (Annexure A) herewith within 7 days from the date of transfer.
All insurers are advised to take note of the above for compliance.
(Pravin Kutumbe) Member (F&I)
Annexure A
Details of Transfer of Unclaimed Amount of Policyholders for more than 10 years to Senior Citizens' Welfare Account (Reference: Rule 3 of Senior Citizens' Welfare Fund Rules, 2016)
Name of Insurance Company: Registration Number:
Date of Intimation:
| SR No. | Unclaimed Amount of Policyholders more than 10 years | Amount transferred | Date of Transfer |
|---|---|---|---|
This is to certify that a sum of Rs....................(In words Rs...................................) representing more than 10 years of Unclaimed Amount of Policyholders as on...........have been transferred to the Senior Citizens' Welfare Fund Account as per the details given above. We hereby certify that the amount, as per above details, stands credited to the Account.
Date: Place:
(Signature) Compliance Officer
(Signature) Chief Executive Officer
