The local insurance regulator said on Saturday from now on it would act fast to settle claims pertaining to policies involving small amounts of money.
The Insurance Development and Regulatory Authority (IDRA) has taken the step to settle the disputed claims of small policyholders to ease their sufferings.
The IDRA told the FE that those of the policyholders being harassed over settlement of claims would now be allowed to lodge complaints with them for the sake of early solution.
Earlier, there was no small or minimum sum category duly defined. As a result, the small policyholders had to face difficulties while filing their complaints.
Earlier in September last, the government defined the 'minimum sum assured' amount as Tk 25,000 for any life insurance product and Tk 500,000 for a non-life product.
People familiar with the development at the IDRA said the insurance regulator itself would hear such complaints from the policyholders and issue orders to the insurance companies to settle their claims quickly.
A high-powered committee under the IDRA will hear the complaints from those holding policies involving amounts of money above the 'minimum sum assured'.
Earlier, the high-powered committee used to take time to hear the complaints. Now, IDRA Director Dr Md Bashirul Alam said, the new step would help dispose of the complaints involving small amounts in the quickest possible time.
"We'll take at best over one month to resolve such minimum sum assured product-related cases."
Most of the policies in Bangladesh are in the small amount category and many of the policy holders suffer as they do not get due benefits after end of the policy terms.
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