The Insurance Development & Regulatory Authority (IDRA) has issued warning to 21 Life & Non Life Insurance Companies for not providing information despite several calls from the organization.
IDRA sent a warning message to the 21 Insurance Companies on Thursday.
Source said, IDRA has called for a coordination meeting with theManaging Director (MDs) & Chief Executive Officer (CEOs) scheduled in September. According to the demand of World Bank project, IDRA has sought information from insurance companies for presenting in the meeting.
In this regard IDRA sent a letter to the Life & Non life insurance companies in three phases respectively on Jun 30, July 12 and July 18.
But 21 insurance companies did not give information in the mean time violating Section 49 of the Insurance act. So the warning message has been sent those companies.
The IDRA, in its letter said, ‘‘Those companies which have not yet submitted information will have to provide information by August 22. Otherwise, you will have to show cause within the next two working days as why no action will be taken against you as per Section 49 of the Insurance Act. ’’
The life and non-life insurance companies are Delta Life, Padma Islami Life, Progressive Life, Sunflower Life, Agrani Insurance, Bangladesh National Insurance, Central Insurance, Desh General Insurance, Express Insurance, Global Insurance, Green Delta Insurance, Islami Insurance, Janata Insurance, Mercantile Insurance, Phoenix Insurance, Pioneer Insurance, Republic Insurance, Sikder Insurance, Purabi General Insurance, Takaful Islami Insurance and Sonar Bangla Insurance.
