Circular regarding maintenance of current accounts in multiple banks by insurers (dated – 05.10.2021) – IRDAI
View PdfCircular regarding maintenance of current accounts in multiple banks by insurers (dated – 05.10.2021) – IRDAI
- Based on the requests received by the Authority, to avoid hardships, if any, faced by the insurers in maintaining current accounts with banks, it is clarified that the respective insurers may maintain current accounts in appropriate number of banks for the purpose of premium collection, management expenses, policy payments, investment operations, etc., for the convenience of the policyholders and for the ease of doing business.
- The Audit Committee of the Insurers shall review annually the need for having multiple current accounts and rationalization, if any, as may be required.
- This circular is issued in exercise of the powers conferred under Section 14 (2) (e) of the IRDA Act, 1999.
