The Insurance Development and Regulatory Authority on Sunday expressed its dissatisfaction over Standard Insurance’s refusal to settle insurance claim of a policy holder, Purple Fabrics Limited. The insurance regulator asked Standard Insurance to reassess burglary insurance policy of Purple Fabrics under fire insurance. The IDRA gave the instruction after conducting a hearing in this regard.
IDRA chairman M Shefaque Ahmed with three other members of the regulatory body conducted the hearing where Standard Insurance chief executive officer Amar Krishna Saha, Janata Surveyor chief surveyor Khandaker Shah Alam and Purple Fabrics managing director Ferdous Ahmed were present, among others.
In August 2010, a burglary was occurred at the factory of Purple Fabrics, an IDRA press release said.
Initially, Purple Fabrics mistakenly filed policy claim without submitting burglary policy papers, it said.
On the basis of the claim, Janata Surveyor reported ‘no claim’ found.
Later, Purple, mentioning its mistake, requested Standard Insurance repeatedly to settle its claim, IDRA said.
Standard Insurance, however, denied settling the claim. Finally, Purple submitted an objection to the insurance regulator in this connection.
-With New Age input
