Kathmandu. Bangladesh’s Insurance Development and Regulatory Authority (IDRA) has warned of stern action if non-life insurance companies operate or market unapproved insurance policies.
IDRA has issued a circular in the name of non-life insurers. This circular has been issued titled ‘Guidelines to be followed in the management of insurance plans’.
As per the circular, all the insurance plans operated by non-life insurance companies as insurance plans in the insurance business before 2010 will be considered retrospective. “However, after 2010, all insurance plans operated by insurance companies without approval require approval and must be approved,” the circular said. ’
In the pilot phase of the insurance scheme, the directives issued by IDRA through its circular dated August 27, 2023 will have to be followed. If any insurer fails to comply with these instructions, disciplinary action will be taken against the concerned company under Section 130 of the Insurance Act, 2010. “If any person is found responsible for the violation, disciplinary action will be taken against him as per Section 134 of the Insurance Act, 2010,” the circular reads.
