Insurance companies urged to stay vigilant

Staff Correspondent: The Insurance Development and Regulatory Authority (IDRA) has issued a formal warning after receiving reports that unscrupulous individuals and groups have been impersonating officials to solicit money and other improper benefits from insurance companies, survey firms and connected stakeholders.

The notice, signed by Ahmad Ehsan Ul Hannan, Director (Administration), was released on Monday (29 Sept).

In the statement, IDRA made clear that no official or employee of the regulator is authorised to demand or accept any kind of financial or non-financial advantage. The authorities concerned described the solicitations as unethical, immoral and damaging to the integrity of the insurance sector, and underlined that the regulator bears no connection to such demands.

IDRA directed organisations and individuals who receive such requests not to respond under any circumstances. Instead, the regulator asked recipients to document the incident in writing and submit any available evidence to the relevant IDRA official. The authorities concerned warned that proven wrongdoers will be indicted under applicable regulations.