Insurance Development and Regulation Authority (IDRA) of Bangladesh has formed a three-member committee to investigate irregularities in the insurance policy of Standard Insurance and Standard Garments.
The committee was formed in the back drop of alleged irregularities in insurance policy of standard garments, IDRA said in statement yesterday.
The probe body has been asked to submit the investigation report to the IDRA Acting Chairman within March 31.
It would review the allegations, policy of Standard Insurance and Standard Garments, detailed information on the settlement of insurance claims, survey reports, re-insurance information and identify the responsible persons or institution.
The committee was formed with one senior executive officer and two officers, who will work under the supervision of IDRA senior consultant Iftekhar Ahmed.
The 10-storey apparel factory building of Standard Garments in Gazipur was completely destroyed in a fire incident on November 29 last year.
The fire gutted machinery, fabrics and raw materials housed in more than 8.5 lakh square feet of floor space in the building, and also destroyed garments loaded on 27 trucks.
Standard Garments has insurance policy with Standard Insurance, a same group company. As a result, allegations of irregularities raised.
