The Insurance Development and Regulatory Authority (IDRA) on Sunday appointed observers for Sun-life Insurance and Progressive Life Insurance companies.
The IDRA took the decision after complaints of not payment of insurance money to the clients even after the maturity, stated the IDRA letter to Dhaka Stock Exchange (DSE).
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The insurance regulator sent a letter to inform the companies and the DSE on Sunday (June 11).
IDRA director Abdul Mazid has been appointed observer at Progressive Life Insurance company.
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IDRA director Shah Alam has been appointed as the observer of Sun-life Insurance company. Both are directors of IDRA and Deputy Secretary to the government.
The two companies have been accused of various irregularities, including non-payment of insurance claims.
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