Page 26 - Life Insurance Today December 2017

Circular

IRDAI Circular

The Prevention of Money-laundering Unclaimed Amounts of Policyholders from time to time. All
the earlier directions are now being consolidated and
(Maintenance of Records) Second issued in the form of a Master Circular which is attached
Amendment Rules, 2017 herewith.
Ref. No: IRDAI/SDD/MISC/CIR/248/11/2017 The Government of India has brought in the Senior Citizens’

Date: 08-11-2017 Welfare Fund Act, 2015 (SCWF) as a part of the Finance Act,
2015, which mandates the transfer of Unclaimed Amounts
Central Government vide gazette notification dated 1st June of Policyholders to the Fund (SCWF) after a period of 10
2017 notified the Prevention of Money-laundering years.
(Maintenance of Records) Second Amendment Rules, 2017
making Aaadhar and PAN/Form 60 mandatory for availing It has also notified a set of Rules under the SCWF, which
financial services including Insurance and also for linking the specify the entities that are required to transfer the
existing policies with the same. amounts to the Fund and the administration of the Fund.
The Master Circular also provides for convergence in
The Authority clarifies that, linkage of Aadhaar number to compliance taking into account the SCWF Act and the Rules
Insurance Policies is mandatory under the Prevention of notified thereunder.
Money-laundering (Maintenance of Records) Second
All insurers having unclaimed amounts of policyholders for
Amendment Rules, 2017.
a period of more than 10 years as on 30th September, 2017
need to transfer the same to the Senior Citizens’ Welfare
These Rules have statutory force and, as such, Life and
General Insurers (Including Standalone Health Insurers) have Fund (SCWF) on or before 1st March, 2018.
to implement them without awaiting further instructions.
Insurers would need to get the details of the account as
well as the manner in which they are required to transfer
Member (Life)
the unclaimed amounts, from the Department of Financial
Services, Ministry of Finance, Govt of India. Thereafter,
Unclaimed Amounts of Policyholders every financial year the process laid down in the SCWF

Ref. No: IRDA/F&A/CIR/Misc/173/07/2017 Rules, 2016 (copy enclosed) shall be followed as regards
transfer of the unclaimed amounts of policyholders.
Date: 25-07-2017
(Dr Mamta Suri)
The Authority has issued various directions regarding the CGM & HOD-F&A

26 December 2017 Life Insurance Today

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