IDRA settles Tk 26.37cr in insurance claims in 3rd phase

The Insurance Development and Regulatory Authority (IDRA) has overseen the disbursement of Tk 26.37 crore in insurance claims to 7,641 policyholders in the third phase of a payout initiative aimed at rebuilding public trust in the insurance sector and protecting policyholders’ rights.

The payments were handed over to claimants yesterday at IDRA’s office in Motijheel, according to a press release from the authority’s public relations department.

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Claims were settled directly at IDRA’s office in the first two phases as well, reflecting the regulator’s priority of settling valid claims and protecting customers’ interests, the release said.

The authority arranged funds from various sources, including the insurers’ assets and government securities, to settle long-pending claims.

In the first phase, Tk 14.51 crore was paid to 2,549 policyholders of BAIRA Life Insurance, Fareast Islami Life Insurance, Golden Life Insurance, Homeland Life Insurance, Padma Islami Life Insurance, Progressive Life Insurance and Sunflower Life Insurance.

In the second phase, Tk 23.03 crore was paid to 5,868 policyholders of Padma Islami Life Insurance, Homeland Life Insurance, Fareast Islami Life Insurance, Sunflower Life Insurance and Sunlife Insurance.