BENGALURU: Recording the statement by the Insurance Regulatory Authority of India (IRDAI) that the insurance companies have transferred unclaimed amounts of policyholders of Rs 81.65 crore in March 2018 and Rs 398.66 crore in March 2019 to the Senior Citizens Welfare Fund (SCWF), the Karnataka High Court on Wednesday disposed of public interest litigation.
The petition sought directions to the Life Insurance Corporation of India (LIC) and IRDAI to take suitable action to formulate a policy for disbursement of the unclaimed amounts to the successors or legal heirs or nominees.
A division bench of Acting Chief Justice Satish Chandra Sharma and Justice Sachin Shankar Magadum disposed of the petition filed by the Legal Attorneys and Barristers. In its statement, the IRDAI stated that the Government of India has enacted the Senior Citizens Welfare Fund Act, 2015, as a part of the Finance Act, 2015, which mandates the transfer of unclaimed amounts to the SCWF after a period of 10 years. Accordingly, all insurers with unclaimed amounts of policyholders for a period of more than 10 years as on September 30, 2017 should be transferred to the SCWF on or before March 1, 2018.
In view of this, the court said that a mechanism has already been established. Therefore, this court is of the opinion to dispose of the petition accordingly. The counsel for LIC categorically stated before the court, as per directions by IRDAI, amount is transferred from time to time to the SCWF and information of unclaimed amount is available in the LIC website.
Bench stays single judge’s order on KMC poll
The High Court stayed the order passed by a single judge quashing the elections held to the Karnataka Medical Council (KMC) and directing the government to hold fresh elections. A division bench of Justice KS Mudagal and Justice JM Khazi passed the interim order after hearing an appeal filed by the KMC against the order passed on June 7.