The High Court of Karnataka on Tuesday directed the Insurance Regulatory and Development Authority of India (IRDA) to ensure that insurance companies transfer the unclaimed insurance amount after a period of 10 years as per the mandate of the Senior Citizens’ Welfare Fund (SCWF) Act, 2015.
Also, the court said the IRDA can take periodical reports from insurance companies to ensure proper transfer of unclaimed insurance amount as per the provisions of the 2015 Act, the SCWF Rules, 2016, and the master circular issued by the IRDA on transfer of unclaimed amounts.
A Division Bench comprising acting Chief Justice Satish Chandra Sharma and Justice Sachin Shankar Magadum issued the direction while disposing of a PIL petition filed by The Legal Attorneys and Barristers, Bengaluru. The petitioner had sought a direction to frame a policy to trace legal heirs or relatives of the insured persons to disburse unclaimed amount and for utilisation of unclaimed amount after certain period.
While…
