Kathmandu. The Bangladesh Insurance Development and Regulatory Authority (IDRA) has announced plans to accelerate digital transformation and shift to a risk-based supervision model to restore public confidence in the life insurance sector and strengthen oversight. <\/p>\n
This announcement was made in a high-level meeting with managing directors and chief executive officers of life insurance companies at the NEA headquarters on Thursday. The meeting was held under the chairmanship of the Chairman of the Authority, Mir Nadia Nivin. <\/p>\n
The discussion focused on the major challenges being faced by the life insurance sector, especially claim payment delays and difficulties. Industry representatives said many companies were facing financial pressures. This, they said, was affecting their ability to pay claims on time. They also warned that these issues were undermining the trust of customers and the insurance sector as a whole. <\/p>\n
Some participants also suggested implementing bailout measures, such as a one-time financial support package, to stabilize struggling insurance companies. <\/p>\n
In response, NRA Chairperson Nibin said that the possibility of a one-time support package could be considered. However, she said that any such support would have to come with strict conditions to prevent a recurrence of financial and operational weaknesses. “Strong governance, accountability and corporate discipline are essential before any financial intervention is considered,” she said. <\/p>\n
The main focus of the meeting was on digital transformation in the insurance sector. <\/p>\n
Chairman Nibin said the regulator plans to implement a real-time data-driven monitoring system. “This will enable real-time tracking of risks and operational performance,” she said, adding that it will enable faster regulatory action. \u2019<\/p>\n
She also stressed on the need for secure and structured digital infrastructure for data storage and management, noting that improved systems will increase decision-making and regulatory efficiency. \u2013Agency<\/p>\n","protected":false},"excerpt":{"rendered":"
Kathmandu. The Bangladesh Insurance Development and Regulatory Authority (IDRA) has announced plans to accelerate digital transformation and shift to a risk-based supervision model to restore public confidence in the life insurance sector and strengthen oversight. This announcement was made in a high-level meeting with managing directors and chief executive officers of life insurance companies at […]<\/p>\n","protected":false},"author":16,"featured_media":259292,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[45044,45159],"tags":[],"class_list":["post-304798","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-international-news-en","category-news-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/304798","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/users\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/comments?post=304798"}],"version-history":[{"count":1,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/304798\/revisions"}],"predecessor-version":[{"id":304799,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/304798\/revisions\/304799"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/media\/259292"}],"wp:attachment":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/media?parent=304798"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/categories?post=304798"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/tags?post=304798"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}