Dhaka, March 13 -- Chairman of the Insurance Development and Regulatory Authority (IDRA) Dr M Aslam Alam on Wednesday called for urgent amendments to the existing IDRA Act, saying that the current legislation favours insurers and weakens the regulatory body's authority.

"The IDRA exists in name only; it lacks the ability to exercise its full powers. If we are serious about reforming and developing the insurance sector, IDRA must be empowered with the necessary authority to perform its regulatory duties effectively. A supportive environment must be established to enable the proper execution of its responsibilities," Dr Alam said.

IU Alumni Association holds iftar mahfil in Dhaka

He made the remarks while speaking as the chief guest at a...