Insurance Development and Regulatory Authority has fined BAIRA Life Insurance Company Tk 4.49 crore for breaching insurance law.
BAIRA Life has been breaching Insurance Act 2010 for last seven years by not evaluating its liabilities and not submitting the report to the insurance regulator accordingly, said an IDRA press release issued on Thursday.
Life insurance companies are supposed to evaluate their liabilities in every year considering the risk factors involved with the insurance business.
IDRA release said that the insurance company was fined Tk 5 lakh for each year and the penalty amount totalled at Tk 35 lakh for last seven years for violating rules.
BAIRA Life was fined another Tk 4,14,70,000 due to the entity’s
continuous breach of law at the rate of Tk 5,000 for each day.
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