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Bangladesh: Regulator to probe alleged claims inflation by insurer

March 21, 2014 - 6:00am

The Bangladeshi insurance regulator has set up a committee to investigate allegations that Standard Insurance Ltd. – a sister unit of Standard Garments Industries Ltd. – inflated claims by fabricating policies, The Daily Star reports.

The move comes after some documents revealed that the insurer included an extra 1 billion Bangladeshi takas ($13 million) in claims without any policies from Standard Garments, the newspaper reported. The claims are related to a large fire that occurred on Nov. 28 2013.

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