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There has been a modification done by IRDAI (Insurance Regulatory and Development Authority of India) in its master circular (ref. IRDAI/Life/CIR/Mics/41/2024), i.e. master circular number- IRDAI/F&A/CIR/Misc/202/11/2020 dated 17th Nov. 2024. There is an increase in the unclaimed amount with the insurers, which has become a regulatory concern. Based on the discussion between the IRDAI and the insurers, it is paramount to understand that it has become one of the reasons for the increase in the unclaimed amount, as mentioned below in the cases where the consumers are easily traceable but the insurers are not in the situation to pay the claim for the variety of reasons as follows below:
The IRDAI has advised the insurers to magnify their efforts in tacking the legal receipt of the unpaid amounts and to make sure that the disbursement method of the same unpaid amount is efficient. These are the following modifications done in the circular number IRDAI 1 /F&A/CIR/Misc/202/11/2020 dated 17th November 2024 such as:
Also further another proviso in the same clause as mentioned above that the payable amount shall not be considered as an unclaimed amount of money such as:
(Note- No changes have been made in Explanation-1&2 of the same clause mentioned above, but changes have been done for Explanation-3& 4 of the same clauses, as a consumer shall be considered non-contactable when the consumer has responded to any of the insurer’s communication and all the amounts where the consumers are not traceable, shall continue to be part of the unclaimed amount of money respectively)
In the end, it can be concluded that the insurers have to make all the possible efforts to recover the amount of these dues at the earliest opportunity and also may follow the measures as suggested under Annexure-1 of this same circular and submit the statements according to the terms of Annexure-2 by the 15th of every upcoming month. The modification made in this circular has been made applicable from the date of release of this new circular (ref. IRDAI/Life/CIR/Mics/41/2024).
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