Dhaka, Bangladesh (BBN) - The Insurance Development and Regulatory Authority (IDRA) has fined eight life insurance companies BDT 1.0 million in total for not submitting their financial statements even after repeated extensions of the deadline for the submission.
In separate hearings at the IDRA office on Sunday and Monday, the regulator also said that the defaulting life insurers would have to pay BDT 5,000 for each day in penalty from the day of hearing, for not submitting their financial statements.
IDRA Member Nurul Islam Mollah confirmed that the defaulting companies are Popular Life Insurance, Homeland Life Insurance, Pragati Life Insurance, Sunflower Life Insurance, Meghna Life Insurance, Sun Life Insurance, Progressive Life Insurance and state-owned JBC, according to the Financial Express (FE), a local newspaper, reports.
BBN/SSR/AD-14Feb12-7:35 am (BST)
