The Insurance Development and Regulatory Authority (IDRA) has launched the third phase of an initiative to settle long-pending, valid insurance claims, with 7,641 policyholders set to receive a total of Tk 26.36 crore.
The latest round is part of a broader effort by the insurance regulator to restore policyholders’ confidence in the sector by ensuring that legitimate claims are paid. This time, the payments are being made directly from the respective offices of the insurance companies, while the entire process is being closely monitored by IDRA.
The regulator disclosed the development on Sunday (4 October), saying that the first two phases involved direct payment of insurance claims to policyholders at IDRA’s own office. Those initiatives were intended to facilitate the settlement of valid claims and demonstrate the regulator’s focus on protecting the interests of customers.
Under the third phase, insurance companies have taken responsibility for making the payments from their own offices. Despite the change in the payment arrangement, IDRA said it continues to maintain close oversight of the process to ensure that eligible policyholders receive their dues.
The latest initiative follows two earlier rounds of claim settlements. In the first phase, launched on 3 September, 2,549 policyholders of seven life insurance companies received claims amounting to Tk 14.51 crore, including Tk 14,51,03,146.58. The second phase covered another 5,868 policyholders, with claims worth Tk 23.03 crore being paid.
With the addition of the third phase, a total of 16,058 policyholders have so far been brought under the three rounds of claim settlement. The combined value of the claims stands at Tk 63.91 crore.
The figures reflect the scale of the regulator’s ongoing effort to address outstanding legitimate claims, many of which had remained unsettled for an extended period. Timely payment of valid insurance claims is a key factor in maintaining policyholders’ confidence, particularly in a sector where customers rely on insurers to honour financial commitments when claims become payable.
According to IDRA, the initiative has been undertaken under the leadership of its chairman, Mir Nadia Nivin, with the objectives of ensuring payment of policyholders’ legitimate dues, restoring discipline in the insurance sector and rebuilding customer confidence.
The regulator said funds are being arranged from various sources, including the assets and security bonds of the concerned insurance companies, to settle long-outstanding valid claims. The approach is intended to provide a mechanism for addressing unpaid claims while maintaining regulatory oversight over the companies involved.
The latest phase also marks a shift towards handling settlements through individual insurance companies rather than at the regulator’s premises. IDRA’s continued supervision, however, is aimed at ensuring that the process remains focused on eligible claims and the interests of policyholders.
For customers who have been waiting for legitimate claims to be settled, the three-phase initiative represents a significant step towards receiving money that has remained outstanding. For the wider insurance sector, the regulator’s claim-settlement drive is also closely linked to efforts to strengthen accountability and rebuild trust between insurers and policyholders.
