IDRA fines 2 insurance cos - Share market analysis of dhaka stock exchange, Bangladesh

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15 May, 2014 10:04 AM Source: Dhaka Tribune

Insurance Development and Regulatory Authority (IDRA) has fined two insurance companies for their involvement in irregularities.

The two insurance companies are Asia Pacific General Insurance and Padma Islami Life Insurance.

Asia Pacific Company was fined Tk300,000 due to full credit business while two other officials of Padma Islami Life were fined Tk50,000 for not paying their client’s death claim by IDRA, says an IDRA statement issued yesterday.

An IDRA inspection team visited the Motijheel branch of Asia Pacific on January 14 last year. The team found the evidence of running the insurance business with full credits after examining their money receipts and bank statements.

Two separate hearing were held yesterday on the two accused insurance companies at the IDRA headquarters in the capital.

After the hearing, Asia Pacific General Insurance was fined Tk2 lakh while its Motijheel branch Manager A S Mahbub was asked to pay individually Tk1 lakh as fine for his negligence in his duties.

Following another hearing on an application of a death claim against Padma Islami Life Insurance, the insurance regulatory authority asked the company to pay the death claim of Tk3 lakh to the client.

Apart from that, IDRA fined Tk25,000 to the general manager S.M Rokon Uddin and Tk25,000 to the senior manager Gopal Chandra Karmokar of the Padma Life insurance for their negligence in paying the death claim.

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