Swadesh Islami Life’s fine for ‘excessive commission’ upheld

The Insurance Development and Regulatory Authority (IDRA) has upheld a Tk 5 lakh fine on Swadesh Islami Life Insurance Company for excessive commission expenses.

Additionally, the insurance regulator has directed Swadesh Islami Life to immediately pay the fine through a pay order or bank draft in the name of the IDRA or face action as per the Insurance Act 2010 and the prevailing laws of the country.

An official of the IDRA told The Daily Star that the fine was imposed on May 10, 2023.

However, Swadesh Islami Life had submitted a review application requesting a waiver of the fine, he said.

The authority rejected the review application, upheld the previous order, and instructed the company to pay the fine, the official added.