The Insurance Development and Regulatory Authority (IDRA) has asked all the insurance companies in the country to submit their month-wise insurance claim settlement information.
A letter in this regard was sent to the chief executives of all life and non-life companies, including Life Insurance Corporation and General Insurance Corporation, on Thursday.
According to the letter, in her speech at the inauguration of National Insurance Day on March 1, the Prime Minister gave instructions for speedy settlement of insurance claims along with increased publicity on insurance.
In line with the Prime Minister’s directives, it has been asked to devise month-wise annual action plan for settlement of insurance claims, along with taking steps to increase publicity about insurance.
Insurers have been requested to e-mail their action plan to the authorities concerned by August 1.
Financial Institution Division of the Ministry of Finance sent a letter to IDRA on April 12, 2023. The letter said insurance companies will have to inform the said department about month-wise achievement in line with action plan by 10th of the month.
Sheikh Mujibur Rahman joined the Alfa Insurance Company of Pakistan on March 1, 1960. To commemorate his joining day at national level, on January 15, 2020, on the recommendation of the Insurance Development and Regulatory Authority, the government declared March 1 as National Insurance Day.
