IDRA serves show-cause notices on 17 insurers

The Insurance Development and Regulatory Authority (IDRA) on Monday issued show cause notices to 17 insurance companies for not attending a preparatory meeting regarding the celebration of the National Insurance Day 2023. 

The regulatory body served the notices to 10 life insurance and 7 general insurance companies, and asked for an explanation for their absence at the meeting within five working days.

“The companies did not even inform us in advance that they will not participate in the preparatory meeting,” an IDRA official said on condition of anonymity, adding that this led the government body to issue the notices.

In its notice, IDRA said the companies did not attend the meeting held on December 4 to prepare for celebrating the National Insurance Day-2023 with due dignity.

The notice said the companies’ absence at the meeting was not “desirable” at all.

The life insurance companies that were given the show cause notices by IDRA, includes Best Life Insurance, Fareast Islami Life Insurance, Guardian Life Insurance, Baira Life Insurance, Padma Islami Life Insurance, Meghna Life Insurance, 

The general insurance companies that received the IDRA notice include Dhaka Insurance, Meghna Insurance, Express Insurance, Prime Insurance.