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Bangladesh: Insurers want industry-friendly law and regulations

Source: Asia Insurance Review | Jan 2017

Insurers are demanding revisions to the Insurance Act and regulations to give the sector a much-needed shot in the arm. 
 
   Their list of demands include raising the upper limit on the management expenditure of insurance companies, amending changing regulations on appointing insurance agents and licensing of insurance brokers, reported the Financial Express. 
 
   Bangladesh Insurance Association (BIA) President Sheikh Kabir Hossain noted that there are some contradictions between the Insurance Act, the Bank Companies Act, and orders of Bangladesh Securities and Exchange Commission regarding the appointment of directors. 
 
   The insurers also see the imposition of a 15% VAT on agents’ commissions as a burden on the sector. 
 
   Mr Hossain also said that action must be taken to clamp down on some non-government organisations that have started unauthorised insurance business. 
 
   He had led a delegation to a recent meeting with Finance Minister AMA Muhith on legislative and regulatory changes. Officials of the Insurance Development and Regulatory Authority (IDRA) were also present. The minister assured the insurers that their concerns would be considered.
 
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