IDRA appoints observer to Progressive Life Insurance board
In a move aimed at protecting the interests of policyholders and ensuring good governance, the Insurance Development and Regulatory Authority (IDRA) has appointed an observer to the board of Progressive Life Insurance Company.
As per an official disclosure made by the company on Sunday (11 June), Md Abdul Mozid, a director at IDRA, has been appointed as the observer.
This decision comes in response to a growing number of complaints filed by policyholders with the IDRA regarding the untimely settlement of insurance claims by Progressive Life Insurance Company Ltd.
Keep updated, follow The Business Standard's Google news channel
The IDRA emphasised that the consistent delays in payment have resulted in significant dissatisfaction among customers, while also tarnishing the overall image of the insurance industry.
In an effort to address this issue and restore trust in the sector, the regulatory authority decided to intervene by placing an observer on Progressive Life's board.
As of 10:50am this morning, the Progressive Life shares were trading at Tk109.10 each, reflecting the ongoing market activity surrounding the company.
