The Insurance Development and Regulatory Authority (IDRA) is set to disburse Tk 26.37 crore to 7,641 policyholders in the third phase of its ongoing drive to settle long-pending legitimate insurance claims.

The disbursement will take place on October 4, benefiting policyholders across six life insurance companies, IDRA announced on Thursday.

According to IDRA, the continuous initiative aims to rebuild public trust in the insurance sector, settle valid claims, and safeguard policyholders' fair rights.

Among the institutions, policyholders of Padma Islami Life Insurance will receive the highest payout, with Tk 9 crore to be disbursed among 2,348 customers. Progressive Life Insurance will pay Tk 6.78 crore to 2,140 clients, Sunlife Insurance will disburse Tk 5.35 crore among 1,573 policyholders, and Homeland Life Insurance will settle claims worth Tk 4,87,97,638 for 1,381 customers.

Additionally, Sunflower Life Insurance will pay Tk 30 lakh to 165 clients, while Baira Life Insurance will disburse Tk 5,81,892 among 34 policyholders.

In two previous phases, IDRA settled claims worth Tk 37.54 crore for 8,417 policyholders. In the first phase on September 3, Tk 14.51 crore was paid to 2,549 policyholders, followed by Tk 23.03 crore disbursed among 5,868 clients in the second phase on September 14.

Upon completion of the third phase, a total of 16,058 policyholders will have received Tk 63.91 crore across the three phases.

IDRA officials stated that the initiative is part of ongoing reform efforts led by IDRA Chairman Mir Nadia Nivin to resolve the trust deficit caused by prolonged non-payment of insurance claims. The regulator reaffirmed that this initiative will play a key role in establishing good governance, transparency, and accountability in the sector while ensuring the protection of policyholders' interests.