Dhaka, Feb. 10 -- The government has moved to give the Insurance Development and Regulatory Authority (IDRA) 'search and seizing' powers in a bid to curb fraudulence, malpractice and irregularities in the insurance sector.

The proposed amendments to the existing law have been put forward to the Ministry of Finance for the next course of action, according to the sources.

Acknowledging the move, IDRA Chairman Dr M Aslam Alam said: "We are bringing in the power to search and seize. This authority does not exist under the existing law."

At present, IDRA can request information from insurance companies or send inspection teams. However, if a company refuses to cooperate, the regulator has very limited recourse.

"At best, we can impose a fi...