The Insurance Development and Regulatory Authority (Idra) has asked Homeland Life Insurance Company Ltd why its chief executive officer (CEO) should not be removed for not providing information sought by a chartered accountancy firm for financial audits.
More than 37,000 clients of Homeland Life Insurance Company Ltd are facing uncertainty about whether they would get back their insured amount owing to a lack of liquidity at the insurer caused by alleged irregularities, the regulator found.
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