Bangladesh:Insurers to implement e-receipt system by 1 Oct

The Insurance Development and Regulatory Authority of Bangladesh (IDRA) has introduced a digital e-receipt system and banned the issuance of handwritten or printed paper receipts by insurance companies for premiums collected from policyholders.

A circular was issued in this regard by IDRA which said the new system will come into effect on 1 October. However, from 1 June to 30 September, both the e-receipt and the hard-copy systems can be run.

The e-receipt is to be generated by the Unified Messaging Platform (UMP) which was launched by IDRA in 2019.

However, life insurance companies can continue to issue receipts for premium payments received through formal banking channels and mobile financial services (MFS) till any further notice.

A senior official told Financial Express that the e-receipt will help curb tax evasion and cheating and restore the confidence of all stakeholders in the insurance sector.

Source: Asia insurance review