IRDAI issues new circular to help speedy disbursal of unclaimed insurance money
IRDAI's New Circular Facilitates Expedited Disbursal of Unclaimed Insurance Funds In a bid to enhance consumer protection and streamline the process of unclaimed insurance funds, the Insurance Regulatory and Development Authority of India (IRDAI) has issued a new circular aimed at expediting the disbursal of such funds. This proactive measure underscores IRDAI's commitment to ensuring that policyholders receive their rightful benefits in a timely and efficient manner. The circular, which comes as a welcome development for both policyholders and insurance companies, introduces several key provisions to facilitate the speedy disbursal of unclaimed insurance money. Let's delve into the details of IRDAI's latest initiative and its implications for the insurance sector and policyholders alike. Key Highlights of the Circular: Identification and Segregation of Unclaimed Funds: Under the new circular, insurance companies are required to conduct regular reviews of their recor...