The Insurance Development and Regulatory Authority has fined Janata Insurance chief executive officer Fazlul Haque Tk 1 lakh on charge of providing false information to the regulator and not paying claimed money against an insurance policy. The IDRA also asked the insurance company to pay the due Tk 1.86 lakh with interest to the policy holder within seven working days.
The insurance regulator took the move after holding a hearing on Sunday following a complaint filed by Shahi Crockeries regarding the entity’s fire policy with the Janata Insurance.
Shahi Crockeries in 2012 filed a fire claim against its policy and two surveyor companies appointed by Janata Insurance reported Tk 9.86 lakh losses of Shahi Crockeries due to a fire incident on July 4, 2012.
Janata Insurance, after issuing two cheques of Tk 8 lakh, refused to pay the rest Tk 1.86 lakh to the policy holder.
During the hearing on Sunday, Fazlul claimed that his company made a delay in payment of the insurance claim amount as there was no executive committee meeting of the company held between December 2012 and June 2013.
The insurance regulator, however, found the Fazlul’s claim wrong as EC of the company held two meetings during the period.
-With New Age input
