BAIRA Life Ins fined Tk 4.49cr for flouting laws

The insurance regulator has imposed a fine of Tk 4.49 crore on BAIRA Life Insurance Company for persistently breaching laws for seven years.

In a statement yesterday, the Insurance Development & Regulatory Authority said the insurer did not assess its annual liabilities from 2011 to 2017 as per laws and subsequently did not submit the assessment report on liabilities to the authorities.

As a result, BAIRA Insurance was fined Tk 5 lakh per year during the period and Tk 5,000 per day from October 1, 2012 to December 12, 2018 as the flouting of the laws continued. The fine totalled Tk 4.49 crore.