Dhaka, Nov. 3 -- The Insurance Development and Regulatory Authority (IDRA) has initiated a joint special audit involving four regulatory bodies to ensure transparency and accountability in the insurance sector.

To implement this, a draft Terms of Reference (ToR) has been formulated through the coordination of IDRA, Bangladesh Bank, the National Board of Revenue (NBR), and the Bangladesh Securities and Exchange Commission (BSEC).

Under this initiative, various financial activities of insurance companies-including financial statements, bank accounts, investments, premium collections, claim settlements, and tax- and VAT-related information-will be scrutinized simultaneously. The proposal initially covers data from the last five fiscal year...