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IRA pushes for payment of insurance claims in 30 days
Summary
The Insurance Regulatory Authority (IRA) is proposing a reduction in the time insurers take to pay claims to within 30 days from the day they are lodged by claimants in a fresh push to protect consumers.
IRA says in new draft rules the average of 90 days it usually takes to settle claims is long and has led to consumer complaints resulting to lack of trust and negative perception of the insurance industry.
Friday April 16 2021
By BRIAN NGUGI
Summary
The Insurance Regulatory Authority (IRA) is proposing a reduction in the time insurers take to pay claims to within 30 days from the day they are lodged by claimants in a fresh push to protect consumers.
Insurance prospect remains largely untapped thedailystar.net - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thedailystar.net Daily Mail and Mail on Sunday newspapers.
The theme of this year s National Insurance Day is Mujib Borsher Ongikar, Bima Hok Sobar .
She said if awareness can be generated then people would opt for opening various types of insurance policies. For this purpose, huge publicity is urgently needed, she said.
Sheikh Hasina also elaborated the government s initiatives for developing the insurance industry and noted that the Insurance Act 2010 and National Insurance Policy 2014 were formulated to replace the old law of 1938.
Besides, the government also constituted the Insurance Development and Regulatory Authority in 2010 to give the industry an institutional shape, she added.
Referring to a project of Tk 632 crore for the development of the country s insurance sector, she mentioned that the government in collaboration with the World Bank is implementing it to bring all insurance companies under automation.
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