Page 30 - Life Insurance Today March 2018

Circular

IRDAI Circular

Transfer of Unclaimed amount to Senior Modification of Annexure – 24 of Circular
Citizens welfare Fund-Accounting Ref. No:IRDAI/HLT/REG/CIR/015/02/2018

Procedure Date:02-02-2018
Ref. No: IRDA/TPA/REG/CIR/059/03/2016
Ref. No: IRDA/F&A/CIR/MISC/20/02/2018
dated 28th March, 2016
Date: 06-02-2018
Reference is invited to the provisions of ‘Annexure – 24’ of
Authority’s circular Ref. No: IRDA/TPA/REG/CIR/059/03/2016
This has reference to the Authority’s master circular No. IRDA dated 28th March, 2016 where norms on Non Insurance
/ F&A / CIR / MISC / 173 / 07 / 2017 dated 25.07.2017 wherein Services under Healthcare Schemes were specified.
the insurers having unclaimed amounts of policyholders for a
period of more than 10 years as on 30th September, 2017 In order to align the norms with the provisions of
were advised to transfer the same to the Senior Citizens’ Regulation 22 (3) of IRDAI (Third Party Administrators –
Welfare Fund (SCWF) on or before 1st March, 2018. Health Services) Regulations, 2016, ‘Annexure – 24’ of the
above referred circular stands replaced with revised
Insurers may note that Budget Division, Department of ‘Annexure – 24’ attached to this circular.
Economic Affairs, MOF has issued Accoutning procedure
for transfer of the funds into the Senior Citizens’ Welfare Accordingly, ‘Annexure – 24’ of Authority’s circular Ref. No:
Fund (Copy enclosed). In view of the same, the Authority IRDA/TPA/REG/CIR/059/03/2016 dated 28th March, 2016
directs the insurers as under : stands superseded with revised ‘Annexure – 24’ attached
1. All insurers shall adhere to the accounting procedure for to this circular.
transfer of the funds into the Senior Citizens’ Welfare These modified norms will come into force with immediate
Fund issued by Department of Economic Affairs; effect. All Insurers and Third Party Administrators are
2. All Insurers having unclaimed amounts of policyholders advised to make a note of these modifications and ensure
for a period of more than 10 years as on 30th September, compliance.
2017 shall transfer the same to Senior Citizens’ Welfare Member (Non Life)
Fund (SCWF) on or before 1st March, 2018. Annexure – 24
Thereafter, every financial year, the process laid down in As per Regulations 22 (3) of IRDAI (TPA – Health Services)
the SCWF Rules, 2016 read with the accounting procedure Regulations, 2016
for transfer of the funds into the Senior Citizens’ Welfare
Fund shall be followed. The insurers shall make transfers Norms on Non Insurance Services under Healthcare Schemes
to the Consolidated fund of India on or before the 1st 1. A TPA may render Health Services to only those
March, each year. healthcare schemes promoted, sponsored or approved
by Central Government or any State Government.
All other terms and conditons of Master Circular No. IRDA
/ F&A / CIR / MISC / 173 / 07 / 2017 dated 25.07.2017 Explanation: No Public Sector Undertaking shall come
remain the same. within the ambit of the above clause.
2. A TPA may render services in wellness and Health
The circulars come into force with immedaite effect.
promoting programmes, only if such activities are
(Nilesh Sathe) covered under insurance policy as issued by the
Member-Life & I/o Finance concerned insurer, with whom a TPA has agreement for
rendering of such Health Services. T

30 March 2018 Life Insurance Today