The Insurance Development and Regulatory Authority (IDRA) yesterday fined officials of Pioneer Insurance, Phoenix Insurance and Bangladesh Co-operative Insurance for regulatory violations.

Pioneer Insurance was fined Tk 5 lakh for charging unusually low premium rates, while the company's Managing Director QAFM Serajul Islam and Dilkusha branch-in-charge Shabbir Ahmedullah Sinha were fined Tk 1 lakh each, with the latter suspended as well.

The head of Phoenix Insurance's Jessore branch, SK Abdullah Al Miraj, was fined Tk 50,000, for letting his branch allow complete credit to clients, which was in violation with the stipulated insurance rules.

Md Nur-e-Alam Siddiqui, chief executive of Bangladesh Cooperative Insurance, was fined Tk 1 lakh, as his company was paying higher than the 15 percent commission fixed by the authority.

The violations were detected during branch office visits by IDRA during the June-July period.

Separate hearings were held for the companies at the IDRA head office, with the accused and high officials of the companies present.