IDRA Act needs urgent amendment: Chairman

Chairman of the Insurance Development and Regulatory Authority (IDRA) Dr M Aslam Alam speaking at a seminar at IDRA office. UNB_11zon

Chairman of the Insurance Development and Regulatory Authority (IDRA) Dr M Aslam Alam on Wednesday called for urgent amendments to the existing IDRA Act, saying that the current legislation favours insurers and weakens the regulatory body’s authority.

"The IDRA exists in name only; it lacks the ability to exercise its full powers. If we are serious about reforming and developing the insurance sector, IDRA must be empowered with the necessary authority to perform its regulatory duties effectively. A supportive environment must be established to enable the proper execution of its responsibilities," Dr Alam said.

He made the remarks while speaking as the chief guest at a seminar titled 'Insurance Sector Reforms and the Way Forward', held at the IDRA office.

The IDRA and the Insurance Reporters Forum (IRF) jointly arranged the event.

Md Jalalul Azim, Chief Executive Officer of Pragati Life Insurance, presented a keynote paper on the challenges and opportunities in the life insurance sector, while Brigadier General Shafiq Shamim, Chief Executive Officer of Sena Kalyan Insurance, discussed key issues in the non-life insurance industry at the event. - UNB