Enhancing capacity essential for ins sector reforms

Business Report:

Dr. M Aslam Alam, Chairman of the Insurance Development and Regulatory Authority (IDRA), emphasized the need to strengthen the organization’s capacity to reform the insurance sector. He stated that IDRA currently faces several limitations in exercising its authority. For the sector to develop, IDRA must be given the opportunity to fulfill its responsibilities in a conducive environment.

He made these remarks while speaking as the chief guest at a seminar titled “Reforms in the Insurance Sector and Our Responsibilities” on Wednesday at the IDRA head office. The seminar was jointly organized by the Insurance Development and Regulatory Authority (IDRA) and the Insurance Reporters Forum (IRF).

IRF President Gazi Anowar presided over the event, where two research papers were presented-one on the life insurance sector by Progoti Life CEO Md. Jalalul Azim and another on the non-life insurance sector by Sena Insurance CEO Brigadier General Shafique Shamim, psc (retd),
The seminar was attended by IDRA members, CEOs of life and non-life insurance companies, and journalists covering the insurance sector.

Challenges and Need for Reforms
Dr. Alam criticized the existing insurance law, calling it highly flawed and designed to weaken IDRA in favor of insurers. He highlighted that when IDRA suspends any company; they often secure a stay order from the court and resume operations. He stressed the urgent need to empower IDRA with stronger regulatory authority.