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        News and Press Release

        Rs. 3096 Crore Unclamed Money in Insurance Sector

        March 8, 2013

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        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.

        DSM/RS/rs

        (Release ID :93322)

        Unclaimed insurance funds must not be appropriated, regulatory guidance enforces insurer compliance and reporting obligations. The regulator reported total unclaimed insurance balances, concentrated in the life segment with a smaller non life portion, and issued a circular prohibiting insurers from appropriating or writing back those unclaimed amounts, requiring preservation of the sums and continued regulatory reporting and monitoring.
                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.

                                Unclaimed insurance funds must not be appropriated, regulatory guidance enforces insurer compliance and reporting obligations.

                                The regulator reported total unclaimed insurance balances, concentrated in the life segment with a smaller non life portion, and issued a circular prohibiting insurers from appropriating or writing back those unclaimed amounts, requiring preservation of the sums and continued regulatory reporting and monitoring.


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