Dhaka, Sept. 14 -- Finance Minister Amir Khosru Mahmud Chowdhury on Monday said 57 percent of the country's insurance companies are not paying policyholders' claims, calling the situation "deeply frustrating" for the country's insurance sector.

"If 57 out of 100 companies cannot settle customers' claims, that is in no way acceptable," he told reporters after visiting the office of the Insurance Development and Regulatory Authority (IDRA).

The minister said irregularities, disorder and corruption in the sector have created the current crisis, adding that tough measures must be taken to bring the industry under control.

He said insurance companies must be made to settle claims within a fixed timeframe to restore customer confidence, and ...