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DELTA LIFE INS CRISIS Star Business Report Star Business Report
The Bangladesh Securities and Exchange Commission (BSEC) has appointed a special auditor for Delta Life Insurance Company to assess the firm s health.
The move comes following allegations of regulatory breaches by the listed insurer.
The Insurance Development and Regulatory Authority (IDRA) appointed Sultan-ul-abedin Mollah as an administrator of Delta Life Insurance on February 11.
The IDRA said they took this initiative to protect the policyholders interests and submit a report on the company s situation within four months.
Earlier, Delta Life Insurance accused IDRA Chairman M Mosharraf Hossain of seeking Tk 50 lakh in bribes to approve the reappointment of the company s CEO and renewing the actuarial valuation basis.
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Case filed over Tk 35.18cr VAT evasion
Administrator appointed to Delta Life Ins
The Insurance Development & Regulatory Authority (IDRA) yesterday appointed an administrator with immediate effect to one of the sector s leading entities, Delta Life Insurance Company, explaining that it was to protect policyholders interests.
Meanwhile, the VAT Audit, Intelligence and Investigation Directorate filed a case against the Delta under the VAT act alleging that it had evaded paying Tk 35.18 crore in VAT.
The insurance regulator s logic behind appointing Sultan-ul-abedin Mollah, a former IDRA member, was the unearthing of many rule and regulation breaches, which came to light through special and investigative audits.