Insurance Regulatory and Development Authority (IRDA) has directed Insurance companies to disclose "UNCLAIMED AMOUNT" of policy holders separately under "Current Liabilities" in their Balance Sheets and also disclose its agewise analysis.
These unclaimed amounts, IRDA has instructed insurers, "will not be appropriated / written back, under any circumstances."
The background is that the quantum of the amount lying with companies unclaimed by the policy holders/insureds is accumulating on year on year basis.
These amounts may be due to:
- Claims settled but not paid to the policy holders/ insureds due to any reason except litigation by the insured / policy holder.
- Sum due to the insured / policy holders on maturity or otherwise.
- Any excess collection of the premium / tax or any other charges refundable to the policy holders either under the policy or as per law or as directed by the Authority but not refunded so far.
- Payments made but not encashed by the policy holders / insured.
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