The Insurance Development and Regulatory Authority (IDRA) has taken a fresh initiative to settle long-pending valid insurance claims, with Tk 23.03 crore set to be paid to 5,868 policyholders of five life insurance companies.

The payments will be made on Monday (September 14), according to IDRA sources.

Under the second phase of the initiative, 3,600 policyholders of Padma Islami Life Insurance will receive Tk 12 crore, while 1,145 policyholders of Homeland Life Insurance will receive Tk 4.98 crore.

Far East Islami Life Insurance will pay Tk 5 crore to 580 policyholders. Meanwhile, 300 policyholders of Sunflower Life Insurance will receive Tk 55.30 lakh, and 243 policyholders of Sunlife Insurance will receive Tk 50.18 lakh.

In total, Tk 23.03 crore will be paid to 5,868 policyholders in the second phase.

Earlier, on September 3, IDRA arranged the first phase of payments, under which 2,549 policyholders of seven life insurance companies received a total of Tk 14.51 crore.

Combining the first and second phases, IDRA has so far taken initiatives to settle claims worth Tk 37.55 crore for 8,417 policyholders.

The initiative, led by IDRA Chairman Mir Nadia Nivin, aims to ensure policyholders receive their legitimate dues, restore discipline in the insurance sector and rebuild customer confidence.

IDRA said funds are being arranged from various sources, including assets and security bonds of the concerned insurance companies, to settle long-pending valid claims.

The regulator added that the initiative will continue. Remaining valid but unpaid claims will be settled in phases after verification and completion of the necessary procedures.