The Insurance Development and Regulatory Authority (IDRA) will facilitate the payment of Tk23.03 crore in long-pending insurance claims to 5,868 policyholders today (14 September) under the second phase of its claim settlement programme.
The claims, totalling Tk23,03,56,971, involve five life insurance companies, according to the regulator.
IDRA is arranging the funds from various sources, including assets and security bonds of the concerned insurers, to settle legitimate claims that have remained unpaid for an extended period.
Under the second phase, Padma Islami Life Insurance Company will pay around Tk12 crore to 3,600 policyholders.
Homeland Life Insurance Company will settle Tk4.98 crore for 1,145 policyholders, while Fareast Islami Life Insurance Company will pay Tk5 crore to 580 policyholders.
Sunflower Life Insurance Company will pay Tk55.30 lakh to 300 policyholders, and Sunlife Insurance Company will settle Tk50.18 lakh for 243 policyholders.
The initiative is aimed at expediting the settlement of valid long-pending claims and restoring customer confidence in the insurance sector, IDRA said.
In the first phase, IDRA facilitated the payment of Tk14,51,03,146.58 in insurance claims to 2,549 policyholders of seven life insurance companies on 3 September.
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