Photo: BSS

CUMILLA, Aug 28, 2026 (BSS) - The Insurance Development and Regulatory Authority (IDRA) has directed insurance companies to shut down their secret or additional double servers within six weeks and consolidate all data to ensure transparency in the insurance sector.

IDRA Chairman Mir Nadia Nivin said strict legal action would be taken against companies failing to comply with the directive.

“Information provided by companies to the regulator does not always reflect the actual picture,” she said, adding that even if servers were hidden in garages or under beds, they would be detected.

She made the remarks while inaugurating a workshop organised by the Insurance Reporters Forum (IRF) at the Bangladesh Academy for Rural Development (BARD) in Cumilla today.

The IDRA chairman said a risk-based supervision system would be introduced in the insurance sector by December this year.

She also said a common “Unique Policy ID” would be introduced within the next three to four months.

Regarding settlement of customers’ outstanding claims, Nivin said payment would begin from next week using funds generated through the sale and encashment of assets of several troubled insurance companies.

Initially, seven to eight companies would be brought under the initiative, she said.

The IDRA chairman further said steps would be taken in coordination with Bangladesh Bank, the National Board of Revenue (NBR) and the Bangladesh Securities and Exchange Commission (BSEC) to eliminate opportunities for insurance companies to conceal information.

She warned that direct legal action would be taken against any IDRA official or insurance company if allegations of bribery were proven.