The government-imposed cap on management costs has been exceeded by thirteen general insurance companies. The companies were fined Tk 5.5 million by the Insurance Development and Regulatory Authority (IDRA) for breaking the regulations.

IDRA has released a special report that contains this information. Meghna Insurance Company Limited, Desh General Insurance, Bangladesh Co-operative Insurance, Standard Insurance, Republic Insurance, Bangladesh General Insurance, Insurance for People, Takaful Islami Insurance, International Insurance, Express Insurance, Islami Commercial Insurance, Islami Insurance Bangladesh, and Eastern Insurance Company Limited are the companies in question.

Of the companies that incurred excess expenses, 8 had illegal expenses of more than 20 percent. They have been fined Tk 5 million each. The companies are Meghna Insurance Company Limited, Desh General Insurance, Bangladesh Co-operative Insurance, Bangladesh General Insurance, Takaful Islami Insurance, Global Insurance, Islami Commercial Insurance and Islami Insurance Bangladesh Limited. These 8 companies have been fined Tk 5 lakh 40 lakh each.

On the other hand, Standard Insurance Limited, Republic Insurance, People’s Insurance, Express Insurance and Eastern Insurance have been fined Tk 3 lakh 15 lakh each. In addition, IDRA has warned 6 companies.

The 6 non-life insurance companies warned are Netol Insurance, Pragati Insurance, Prime Insurance, Phoenix Insurance, Rupali Insurance and Sonar Bangla Insurance.