7,641 policyholders set to receive long-pending dues in third phase

The insurance regulator is stepping up its drive to unlock long-pending claims, with 7,641 policyholders set to receive Tk26.37 crore in the third phase of an initiative aimed at restoring confidence in a sector grappling with a deepening trust deficit.

The Insurance Development and Regulatory Authority (IDRA) said the claims would be paid by the respective insurance companies at their own offices, allowing policyholders to collect their legitimate dues directly from the insurers.

The move comes as millions of policyholders continue to face difficulties over delayed or non-settlement of insurance claims, undermining public confidence in the sector.

IDRA said the latest initiative was part of its broader effort to protect policyholders’ rights and ensure the prompt settlement of legitimate claims.

The first two phases saw claims paid directly to policyholders at the IDRA office, giving the regulator direct oversight of the process and helping clear a number of long-standing claims.

Following the outcome of those phases, the regulator has now shifted the payment process to the offices of the concerned insurers. Policyholders covered by the third phase can therefore receive their entitled payments directly from the respective companies.

The regulator said the initiative was designed not merely to settle individual claims but also to restore accountability in the insurance industry, where delays in paying legitimate claims have become a major source of customer frustration.

IDRA expects the latest phase to strengthen the responsibility of insurance companies and encourage them to settle valid claims more promptly.

The regulator’s close monitoring of the process will also help ensure that insurers comply with their obligations to policyholders, it said.