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The client, Khulna-based Jute Textile Mills, took a fire insurance policy with Continental Insurance in March and two months later was met with a fire incident. The mill owner informed the insurer about the incident and submitted claims for compensation worth Tk 29 crore. But the insurer did not take the necessary steps to settle the claim, breaching insurance law. It is mandatory for an insurance company to settle claims within 90 days of receipt of all supporting documents from the client, according to the Insurance Act The IDRA also served a show-cause notice on Continental Insurance, asking it to explain within 30 days why its fire insurance registration should not be cancelled.

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The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete. The reader should not assume that the information is accurate and complete. Provide separately the amounts of sales commissions and finders fees expenses, if any. If the amount of an expenditure is not known, provide an estimate and check the box next to the amount. Provide the amount of the gross proceeds of the offering that has been or is proposed to be used for payments to any of the persons required to be named as executive officers, directors or promoters in response to Item 3 above.

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