Insurance Development and Regulatory Authority (IDRA) has asked two insurance companies to pay a claim of TK25m by their client state-owned Mymensingh Power Station Unit-3 of Rural Power Company.
Provati Insurance and Bangladesh Co-operative Insurance have been directed to pay the claim after a hearing at IDRA headquarters in Dhaka on Tuesday, presided over by Chairman M. Shefaque Ahmed.
Provati insurance has to pay Tk12m and 5 years of interest, making a total amount of around Tk20m. Bangladesh Co-operative Insurance has to pay Tk3.2m plus 5 years of interest, making it total Tk5.2m.
Sources said the power station caught fire on January 23, 2006 and the company had submitted the insurance claim to Sadharan Bima Corporation.
The corporation finalised a claim of Tk160m and informed the rural power on November 17, 2008. Of the total amount 60% is supposed to be paid by Sadharan Bima Corporation and the remaining 40% by 16 private insurance companies.
All but the two private companies already paid the claim thanks to an IDRA initiative.
As a state-owned power company, it had to insure the power generation unit with Sadharan Bima Corporation in accordance with the insurance rules.
But the company had handed over 40% of the policy to the 16 private companies in connivance with the corporation officials for getting additional rate of commission unethically.
Of the total amount 60% is supposed to be paid by Sadharan Bima Corporation and the remaining 40% by 16 private insurance companies
