Dhaka, July 6 -- The Insurance Development and Regulatory Authority's (IDRA) decision to launch a special audit of sixteen general insurance companies is a long-overdue intervention in a sector plagued by mismanagement, regulatory laxity, and broken public trust.
With nearly half of all life and general insurance claims remaining unsettled beyond the legally mandated 90-day period, and over 5.4 million policies having lapsed since 2010, the need for decisive regulatory action has never been more urgent.
This audit targets companies flagged for governance failures, delayed claim settlements, and suspicious asset declarations. These are not isolated cases but symptomatic of systemic malaise.
When policyholders are forced to wait years for ...