In 2023, the Insurance Development and Regulatory Authority (IDRA) has imposed a fine of Tk 55 lakh on 13 non-life insurance companies for exceeding the allowed management charges.
Among expense limits set under insurance regulations, the regulatory action aims to enforce financial discipline in the sector and confirm compliance.
Surrendered by Meghna Insurance Company, Desh General Insurance Company, Bangladesh Co-operative Insurance, Bangladesh General Insurance Company, Takaful Islami Insurance, Global Insurance, and Islami Commercial Insurance, they were all fined Tk 5 lakh.
According to IDRA documents, insurances such as Standard Insurance, Republic Insurance, People’s Insurance, Express Insurance, and Eastern Insurance each were fined Tk 3 lakh.
Source: The Daily Star
