Insurance sector eager to clear 2009 ‘mess’

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THE insurance and pensions industry is pushing for the finalisation of a plan to compensate thousands of policyholders who lost their savings in 2009, when the domestic currency was demonetised.
Seven years ago, a commission of inquiry into currency conversions found that policyholders lost about US$3 billion to inflation and the absence of a definitive valuation framework.

Since then, the industry has been working with the government on a compensation plan, and the consensus among parties involved is that the process has taken too long, worsening the public’s contempt of the industry.