Rs. 3096 Crore Unclamed Money in Insurance Sector
The Insurance Regulatory and Development Authority (IRDA) has informed that the total unclaimed amount for the insurance industry, as reported by the insurers, in Rs. 3096.72 Crpre (as on 31.03.2012). Of this Rs. 2476.19 Crore is in Life Industry and Rs. 620.53 Crore in Non-Life industry.
IRDA has further informed that it has advised the insurers vide its Circular dated 4th November 2010 that such unclaimed amount will not be appropriated/written back, in any circumstance.
This was stated by Minister of State for Finance, Shri Namo Narain Meena, in Lok Sabha today.