The Insurance Development and Regulatory Authority (IDRA) has paid Tk 14.51 crore in outstanding insurance claims to 2,549 policyholders of seven life insurance companies by selling fixed assets of the companies.

The payments were made as part of IDRA’s initiative to restore public confidence in the insurance sector and expedite the settlement of outstanding claims.

IDRA Chairman Mir Nadia Nivin formally handed over the claim cheques to policyholders at a programme held at the authority’s conference room in Motijheel, Dhaka, on Thursday. A total of 94 cheques were distributed among customers of the seven companies.

Speaking at the event, the IDRA chairman said ensuring timely payment of policyholders’ legitimate dues is one of the authority’s key priorities.

She said the regulator would take all necessary strict measures to protect customers’ interests while improving the speed and transparency of claim settlements to restore public confidence in the insurance sector.

Progressive Life Insurance paid the highest amount among the seven companies, settling Tk 6.90 crore in outstanding claims for 1,350 policyholders.

Far East Islami Life Insurance paid Tk 5.42 crore to 528 policyholders, while Padma Islami Life Insurance settled Tk 1.94 crore for 624 customers.

Homeland Life Insurance paid Tk 10.66 lakh to 15 policyholders, while Sunflower Life Insurance paid Tk 5.21 lakh to 20 customers.

Bayra Life Insurance paid Tk 4.51 lakh to eight policyholders, and Golden Life Insurance handed over cheques worth Tk 2.51 lakh to four customers.