IRDAI notifies insurers to transfer unclaimed money to senior citizen welfare fund

IRDAI has mandated all Insurers to transfer unclaimed amounts of policyholders for a period of more than 10 years as on September, 30, 2017, to the Senior Citizens? Welfare Fund (SCWF). The transfer should be made on before March 1, 2018, the Insurance Regulatory and Development Authority of India (IRDAI) said in a circular to all insurers. The regulator had directed the insurers to adhere to the accounting procedure for transfer of the funds into the SCWF issued by the Budget Division, Department of Economic Affairs, Ministry of Finance. Thereafter, every financial year, the process laid down in the SCWF Rules 2016 shall be followed.
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IRDA receives fresh applications for new ventures

Insurance Regulatory and Development Authority of India (Irdai) has received applications from ten new players to start operations in the country. The regulator is currently processing applications of ten players consisting of insurers and re-insurers," IRDA member (Finance and Investment). According to IRDA, four primary players - two non-life insurers, one life insurer, one health player, one re-insurer - and five global re-insurers have now applied for licences to set up operations in the country. Some companies which would have applied include Aditya Birla Group , Munich Re, Swiss Re, Hannover Re, SCOR, Excel ILSE. The country's insurance industry has already received Rs 10,000 crore after the FDI limit were raised from 26 per cent to 49 per cent in 2015.
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IRDA allow investment in GILT-ETF

Insurance Regulatory and Development Authority of India (Irdai) has said that Exchange Traded Funds with G-sec Underlying (GILT-ETF) will be part of ?approved investments? for insurers. The regulator said that these should be issued and managed by mutual funds registered under Sebi (Mutual Funds) Regulations. The object of the GILT-ETFs would be to invest in a basket of Government Securities Actively Traded in the market or constituents of a publicly available index. Irdai said that the minimum investment by the insurer should not be less than creation unit size and shall not be reduced at any time below creation unit size and value of creation unit size, at the time of investment, should not be more than Rs. 50 lakh.
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