UMP to save customers from insurance-related cheating: PM

Published: 05 Nov 2019 | Updated: 06 Nov 2019   

Online Desk

Prime Minister Sheikh Hasina said Unified Messaging Platform (UMP) will be introduced to save the customers from insurance-related cheating.

She urged the insurance companies to utilise their industry for humanitarian welfare and play a more effective role in keeping production and economy out of risk.

The prime minister was addressing as the chief guest the inaugural ceremony of the 15th International Conference on Inclusive Insurance at Pan Pacific Sonargaon Hotel in the city on Tuesday afternoon, reports BSS.

Sheikh Hasina described inadequacy of information as a major problem for insurance customers.

She said consumers’ confidence in the insurance industry decreases and sometimes they are deceived too, as they remain in the dark about how many installments have been deposited and whether the installment money has actually been credited to the head office.

“To overcome the problem, the process of Unified Messaging Platform (UMP) is underway,” she said.

The premier said a directive has been issued to bring transparency in transactions in the insurance industry.

“All transactions above Tk 10 thousand must be through a bank. All insurance companies have been instructed to show their updated insurance claims on their own website,” she said.

The prime minister said the government has also established autonomous regulatory body, Insurance Development and Regulatory Authority (IDRA), dissolving the office of the Chief Controller of Insurance.

“The deadline is set by December 2019 to enlist 27 insurance companies that are not yet listed in the capital market,” she said.

She said the ‘Bangabandhu Education Insurance’ is underway to continue the education of the school-going students in the absence of parents.

The prime minister said it has been proposed to declare 1st March as ‘National Insurance Day’.

The prime minister said Father of the Nation Bangabandhu Sheikh Mujibur Rahman was involved with the insurance industry.

“Assuming office after the independence, he worked for the development of the insurance industry in our country,” she said.

Nearly 400 representatives of insurance and financial institutions from 42 countries are participating in the conference, organisers said.


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