The government has backed the reform drives by the Insurance Development and Regulatory Authority (IDRA) to improve governance, settle unpaid valid claims and restore public confidence in Bangladesh’s insurance sector.
Finance and Planning Minister Amir Khosru Mahmud Chowdhury said on Monday that IDRA was implementing a series of reforms to address longstanding irregularities, weaknesses and trust deficits in the industry.
Visiting the IDRA office in Dhaka, the minister said the regulator had strengthened monitoring and taken visible steps to rebuild policyholders’ confidence.
The settlement of long-pending valid insurance claims had started, allowing policyholders to receive their rightful payments and helping restore trust in the sector.
IDRA was also moving towards risk-based supervision to make insurance companies more efficient, capable and responsive.
The approach aims to strengthen insurers’ financial capacity, governance and risk management practices.
Khosru emphasised protecting policyholders’ rights and said the regulator had strengthened complaint resolution and service-monitoring systems.
IDRA was also working to raise public awareness about insurance, its role in financial security and its importance in managing risks.
He praised the reform initiatives led by IDRA Chairman Mir Nadia Nivin and expressed support for measures aimed at making the sector more transparent, accountable and customer-focused.
The minister made the remarks after a meeting with IDRA officials and employees, where he was briefed on the current condition of the insurance sector, ongoing reforms and future plans.
Financial Institutions Division Secretary Nazma Mobarek accompanied the minister during the visit.
