image

Unclaimed Money with Insurance Companies

The Insurance Regulatory and Development Authority (IRDA) have informed that as on 31st December 2012, the unclaimed money of policyholders with Life Insurance Corporation of India was Rs.732.67 crores. For the other life insurance companies and non-life insurance companies, the unclaimed money of policyholders was Rs. 3122.68 crores and Rs.1010.46 crores respectively, as on 31st March 2013. The Government has not conducted any survey in this regard.

IRDA has further informed that it has advised all insurance companies vide its Circular dated 4th November 2010 that such unclaimed amount will not be appropriated/written back, in any circumstance.

This was stated by Shri Namo Narain Meena, MoS in the Ministry of Finance in written reply to a question in the Rajya Sabha.

Tags: GovernmentInsuranceInsurance Regulatory and Development AuthorityIRDALife insuranceLife Insurance Corporation of IndiaRajya SabhaRupee

profile image

About eMinds Legal

eMinds Legal

eMinds Legal is a Corporate Law Firm based in Gurgaon, India specializing in Corporate Legal, Corporate Secretarial and Compliance. The Firm comprises of a team of Corporate Lawyers and Company Secretaries with in-depth subject matter knowledge and participative industry experience of over 15 years.

Corporate Law Referencer

Recent Articles

Recent Legal updates

Recent Gst Updates