Bangladesh Securities and Exchange Commission (BSEC) chairman Prof Shibli Rubaiyat-ul Islam has accentuated the need for faster settlement of insurance claims for smoother growth of the sector.
He said, "If we fail to settle insurance claims promptly and expeditiously, it may discourage individuals from engaging in the sector."
Speaking as the chief guest, Prof Shibli made this call at an award celebration hosted by Sonar Bangla Insurance Company Ltd at a city hotel on Thursday night.
Sonar Bangla Insurance commemorated its outstanding contributions to the prompt settlement of insurance claims.
Last March, Prime Minister Sheikh Hasina presented Sonar Bangla with an accolade from the Insurance Development and Regulatory Authority (IDRA) for successfully resolving insurance claims for the 2022 calendar year.
Sonar Bangla Insurance chairman Sheikh Kabir Hossain, also the president of the Bangladesh Insurance Association (BIA), chaired the event.
Mahbubul Alam, president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), and AK Azad, former president of FBCCI, among others, also spoke on the occasion.
Md Shamsul Huda, managing director and chief executive officer of Sonar Bangla Insurance, gave an address of welcome at the event.
Prof Shibli called for the insurance industry to introduce novel and innovative products, including credit insurance, to invigorate the sector.
He also highlighted the necessity for increased research and development, and the reinforcement of governance and compliance to bolster public confidence in the insurance sector.
At the programme, FBCCI president made a request to the insurance regulator to duly address compliance-related issues for continued development of the sector.
Mr Alam also extended his thanks to Sonar Bangla Insurance for promptly settling insurance claims and receiving the laurels from the premier.
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