Regulator appoints observer on Padma Islami life Insurance board
The insurance regulator has appointed an observer on the board of directors of Padma Islami Life Insurance to protect the interest of policy holders of the company.
The company said in its statement filed on the stock exchange, the Insurance Development and Regulatory Authority (IDRA) has sent its Director Jahangir Alam to the company's board as observer to ensure good governance.
The statement also said, IDRA stated that policy holders are constantly filing complaints with the regulator due to non-payment of insurance claims on time by the company.
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Its share fell by 0.21% to Tk48.10 each on Monday early session at the Dhaka Stock Exchange.
At the end of the September last year, its life fund came down to Tk6 crore from Tk10 crore over the same period in the previous year.
