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Finance and Planning Minister Amir Khosru Mahmud Chowdhury has praised the ongoing reform initiatives of the Insurance Development and Regulatory Authority (IDRA) to establish good governance, transparency and accountability in the insurance sector.
He said IDRA has been working consistently to overcome long-standing irregularities, institutional weaknesses and the trust deficit in the sector.
The minister made the remarks while speaking to reporters after visiting the IDRA office in the capital on Monday (September 14).
IDRA Chairman Mir Nadia Nivin, members and senior officials welcomed the minister when he arrived at the office. Financial Institutions Division Secretary Nazma Mubarak was also present.
Later, Amir Khosru held a meeting with the IDRA chairman, members and officials, where he was briefed on the current state of the country’s insurance sector, ongoing reforms and future plans.
At the press conference, the finance minister said IDRA was playing an important role in ensuring good governance, transparency and accountability in the insurance sector.
He said the regulator was implementing a series of reforms and strengthening supervision to address long-standing irregularities and weaknesses.
Highlighting the importance of settling legitimate insurance claims, Amir Khosru said steps had already been taken to pay claims that had remained unsettled for a long time.
“As legitimate insurance claims are being settled, policyholders are receiving their rightful dues,” he said.
According to the minister, the payment of outstanding claims is helping rebuild public confidence in the insurance sector.
He also highlighted the initiative to introduce risk-based supervision of insurance companies, saying it would help strengthen their financial capacity, governance and risk-management practices.
“Insurance companies need to become more effective, efficient and dynamic, and this requires improving the supervisory system,” he said, adding that efforts were under way to strengthen the regulator’s capacity.
The minister stressed that protecting the rights and interests of policyholders must remain a top priority.
He said mechanisms for resolving customer complaints quickly and monitoring the services provided by insurance companies had also been strengthened.
Amir Khosru also underscored the need to raise public awareness about the importance of insurance, financial security and risk management.
He said IDRA was working to make insurance easier to understand and more accessible to ordinary people and to establish it as a trusted instrument of financial protection.
Praising the reform initiatives being implemented under the leadership of the IDRA chairman, the minister said the government fully supported measures aimed at developing the insurance sector, ensuring good governance and restoring customers’ confidence.
He expressed hope that the ongoing reforms would make the country’s insurance sector stronger, more transparent and more customer-oriented, while enabling it to play a greater role in the development of the national economy.