Staff Correspondent

Entrepreneurs of Sonali Life Insurance on Sunday accused the former Awami League-led government of attempting to undermine the insurance sector.

They claimed that despite regular premium payments, millions of policyholders across the country were unable to receive their claims on time. Several companies were involved in such malpractice, yet the previous government failed to enforce accountability, they added.

These allegations were made during the ‘Leaders Club Award’ ceremony, organized by Sonali Life Insurance at the Pan Pacific Sonargaon Hotel in Dhaka.

Mustafizur Rahman Quddus, a founding director of Sonali Life Insurance, alleged that during the previous government’s tenure, there was an attempt to take over Sonali Life Insurance, similar to what had happened with numerous banks and financial institutions.

As a result of this attempted takeover, employees were left without salaries and benefits for almost four months. However, following the government’s exit, the destruction of Sonali Life Insurance was averted, he said.

“We went through a very difficult time, but despite the challenges, 30,000 officers worked relentlessly with honesty and fearless dedication,” Quddus added.

Kazi Moniruzzaman, an independent director of the company, emphasized that Sonali Life Insurance has always fulfilled its claim obligations and will continue to uphold its reputation.

“The success we see today is a testament to your hard work and commitment. We have faced many setbacks, but Sonali Insurance has always risen above them, maintaining its resilience. While we were unable to meet some goals over the past nine months, with everyone’s collaboration, we will strive to achieve them within the next three months,” Moniruzzaman assured.

The company’s senior officials also criticized the Insurance Development and Regulatory Authority (IDRA) for its past inaction, claiming it remained indifferent during critical moments.

They urged authorities to ensure that those who manipulated the financial sector face strict consequences, adding that Sonali Life Insurance is striving to overcome ownership disputes and move forward.

During the event, the Leaders Club Award was presented to top-performing employees to encourage continued excellence. This year, a total of 1,247 individuals were honored across various categories. Over 1,500 representatives from across the country participated in the day-long event.