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IRDA reports over INR 3000 Cr unclaimed money, will not be appropriated or written back

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.

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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.

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