The Insurance Development and Regulatory Authority (IDRA) issued the “Insurance Claims Management Guideline 2024,” prohibiting insurance companies in Bangladesh from charging policyholders for commissions or service fees during claim settlements. The guideline mandates insurers to establish help desks, complaint boxes, grievance redressal committees, and strengthen internal audit activities. Additionally, insurers must designate claim management officials, implement an online tracking system for policyholders, and upload policies on the regulator’s app to enhance transparency and accountability. The guideline aims to protect policyholders’ interests and streamline claim settlement processes. Despite the regulatory reforms, Bangladesh’s claim settlement ratio remains low compared to the global average, prompting the IDRA to enforce stricter measures, including fines and property sales by non-compliant companies.
Source for more details:
