The Insurance Development and Regulatory Authority (IDRA) has warned the public against a fake circular circulating in its name on revised premium rates for first-party comprehensive motor insurance coverage.
In a statement on Monday, IDRA said the circular being shared on social media was “completely fake, baseless and untrue” and that the regulator had no involvement in issuing the document.
The fake circular, dated 27 September 2026, claimed that IDRA had increased premium rates for first-party comprehensive motor insurance coverage after reviewing market conditions, reinsurance costs, rising repair expenses and sector risks.
It listed annual premiums ranging from Tk5,500 to Tk12,000 for different vehicle categories, including sedans, SUVs, jeeps, microbuses and vans.
IDRA said it had not issued any such circular and requested media, stakeholders and the public to verify any information through its official website, official social media platforms or relevant authorities before sharing or publishing it.
The regulator also advised stakeholders to remain cautious about misleading information circulated through unofficial channels.
Who spread the fake circular was not clear to the regulator, however.
