The Insurance Development and Regulatory Authority (IDRA) will ensure payment of Tk26.37 crore in pending insurance claims to 7,641 policyholders on 4 October, marking the third phase of its drive to settle long-pending legitimate claims.
The initiative aims to restore customer confidence, protect policyholders’ legitimate rights and settle valid claims that have remained unpaid for extended periods.
Six life insurers will make payments totalling Tk26.37 crore in the third phase, according to IDRA.
Bayra Life Insurance will pay Tk5.82 lakh to 34 customers, while Homeland Life Insurance will pay Tk4.88 crore to 1,381 policyholders.
Padma Islami Life Insurance will pay Tk9 crore to 2,348 policyholders and Progressive Life Insurance Tk6.78 crore to 2,140 customers.
Sunflower Life Insurance will pay Tk30 lakh to 165 policyholders, while Sunlife Insurance will pay Tk5.35 crore to 1,573 customers.
The payment programme is part of reforms being led by IDRA Chairman Mir Nadia Nivin.
The first phase was held on 3 September, when Tk14.51 crore was paid to 2,549 policyholders. The second phase followed on 14 September, with Tk23.04 crore paid to 5,868 policyholders.
The third phase, scheduled for 4 October, will take the total paid across the three phases to Tk63.91 crore for 16,058 policyholders.
IDRA said continued settlement of legitimate claims will help improve governance, transparency and accountability in the insurance sector while rebuilding customer confidence.
The regulator said it will continue its reform programme and efforts to protect policyholders’ interests.
