News That Matters

Tag: IRDA

Transfer unclaimed deposits to welfare fund by March 1: Irda to insurers

Transfer unclaimed deposits to welfare fund by March 1: Irda to insurers

Finance
Insurance regulator Irda has asked all insurers to transfer the deposits of policyholders that have been laying unclaimed for over 10 years to the welfare fund by March 1. "All insurers having unclaimed amounts of policyholders for a period of more than 10 years as on September 30, 2017 shall transfer the same to Senior Citizens' Welfare Fund (SCWF) on or before March 1, 2018," the Insurance Regulatory and Development Authority of India has said in a circular. The directive comes under the Department of Economic Affairs accounting procedure for transfer of funds to SCWF. Life, non-life and health insurance service providers will have to comply to the SCWF Rules, 2016 every year. "The insurers shall make transfers to the consolidated fund of India on or before the 1st March, eac...
HC directive to IRDA on enhancing accident cover for victims

HC directive to IRDA on enhancing accident cover for victims

Finance
The Madras High Court has directed the Insurance Regulatory Development Authority (IRDA) to enhance compulsory personal accident cover from Rs 1 lakh to not less than Rs 15 lakh, enabling vehicle owners paying premium to get adequate compensation in the event of death or bodily injury.A division bench comprising justices R Subbiah and A D Jagadish Chandira gave the order while allowing an appeal by United India Insurance Co. Ltd, Neyveli.Referring to an IRDA note in the policy, the judges said that the policy to compensate vehicle owners by virtue of the personal accident cover was introduced 15 years ago. In 2002, Rs one lakh envisaged under it might have been enough to meet medical expenses of the injured owner to a certain extent.However, 15 years had lapsed and medical treatment costs ...