Move unclaimed deposits: IRDAI

New Delhi: Insurance regulator IRDAI 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 IRDAI said in a circular. The directive comes under the department of economic affairs accounting procedure for transfer of funds to SCWF.