IRDAI says insurers sitting on cumulative Rs 15,167 crore in unclaimed money; big chunk lying with state-run LIC
Insurance Regulatory and Development Authority of India has asked insurers to identify policyholders or beneficiaries and disburse the claims.
The finance ministry uses the LIC as an investor of the last resort when its disinvestment offerings bomb. Most of the LIC's actions evade public scrutiny as it is 100 percent owned by the govt. A listing would make it more accountable