The Insurance Development and Regulatory Authority (IDRA) is facilitating the payment of Tk23.03 crore in long-pending insurance claims to 5,868 policyholders as part of the second phase of its claim settlement programme.
The payments, scheduled for 14 September, cover legitimate claims involving five life insurance companies. According to IDRA, the total amount to be settled stands at Tk23,03,56,971, with the regulator arranging funds through various sources linked to the insurers concerned.
The initiative is aimed at clearing claims that have remained unpaid for an extended period and providing relief to policyholders who have been waiting for their dues. Timely settlement of insurance claims is a key element in maintaining customer confidence, particularly in the life insurance sector, where policyholders depend on insurers to honour contractual obligations when claims become payable.
Under the second phase, Padma Islami Life Insurance Company will make the largest payment, with around Tk12 crore to be distributed among 3,600 policyholders. The company also accounts for the highest number of beneficiaries in the latest round.
Homeland Life Insurance Company will settle Tk4.98 crore in claims involving 1,145 policyholders. Fareast Islami Life Insurance Company will pay Tk5 crore to 580 policyholders.
Two other insurers are also included in the programme. Sunflower Life Insurance Company will settle Tk55.30 lakh for 300 policyholders, while Sunlife Insurance Company will pay Tk50.18 lakh to 243 policyholders.
IDRA said it is arranging the necessary funds from different sources, including assets and security bonds of the insurers concerned. The approach is intended to ensure that valid claims can be settled despite the financial difficulties surrounding some of the companies involved.
The second phase follows an earlier round of claim payments carried out by the regulator on 3 September. In that first phase, IDRA facilitated the settlement of Tk14,51,03,146.58 in insurance claims for 2,549 policyholders of seven life insurance companies.
Taken together, the two phases represent a broader effort by the regulator to address long-standing unpaid claims and accelerate the settlement of valid policyholder demands. The latest round covers a larger number of beneficiaries than the first phase, with thousands of policyholders expected to receive payments.
For life insurance customers, prolonged delays in receiving legitimate claims can create financial uncertainty and weaken confidence in insurers. IDRA’s phased approach therefore focuses on clearing older claims while using available resources associated with the concerned companies.
The regulator has said that expediting the settlement of valid long-pending claims is also intended to restore confidence in the insurance sector. The latest payment programme, involving five insurers and nearly 5,900 policyholders, marks another step in that process.
