DHAKA, Insurance Bulletin: The Insurance Development and Regulatory Authority (IDRA) has taken new measures to enhance digital monitoring, transparency, and accountability in the country's insurance sector. The use of 9 modules of the RegTech/SupTech platform has been made mandatory for all life and non-life insurance companies. The administration department of the organization issued a directive in this regard on Tuesday (June 30).
RegTech is technology that helps banks, insurance companies, financial institutions, and other regulated entities comply with laws, rules, and regulatory guidelines. On the other hand, SupTech is the technology used by regulatory bodies to supervise various financial institutions more effectively.
The modules that have gone into live operation include- dashboard and authentication number generation, policy registration, product approval, share transfer, web portal and content management, customer relationship management, appointment, agent/broker management, and report return.
According to the IDRA directive, the modules of this digital platform, built under the Bangladesh Government's Insurance Sector Development Project, must be used regularly from now on.
As per the instructions, collecting a 'Unique Authentication Number' is mandatory before issuing any policy. No policy can be issued without this number. At the same time, insurance companies must complete the API integration of their own software with IDRA so that information reaches the regulatory body directly.
Furthermore, companies have been instructed to ensure the training of concerned officials, promptly notify IDRA in case of technical issues, and regularly update the authority on the progress of their system usage.
