Written by The Banking Post
The Insurance Development and Regulatory Authority (IDRA) has issued a stern warning after learning that fraudsters are using the names of its officials to demand illegal financial benefits from insurance companies, survey firms, and other stakeholders.
In a notice signed by its Director (Administration) Ahmad Ehsan Ul Hannan on Monday, IDRA said no officer or staff member is permitted to seek financial or any other form of benefit for personal purposes. “Any such demand is illegal, unethical, and punishable by law. The authority has no connection with such fraudulent claims,” it said.
IDRA urged stakeholders not to respond to such demands and instead report them immediately in writing, along with evidence if available. The regulator assured that strict legal action would be taken against those involved.
The notice added that such fraudulent activities are attempts to tarnish the image of the institution. “IDRA has adopted a policy of zero tolerance in this regard,” it said.
