Chairman of Bangladesh's Insurance Development and Regulatory Authority (IDRA), Dr M Aslam Alam, has resigned from his post.
Former President of the Bangladesh Insurance Association (BIA) and architect of the country's insurance sector, Sheikh Kabir Hossain, passed away on 14 February at the age of 84.
A newly signed trade deal between the US and Bangladesh requires Bangladesh to remove the 50% mandatory cession to national reinsurer Sadharan Bima Corporation and opening the market to full competition.
Bangladesh's insurance regulator Insurance Development and Regulatory Authority (IDRA) has imposed a ban on agent commissions in the non-life insurance sector. This move implies that there will be no agents serving the non-life branch.
The Insurance Development and Regulatory Authority (IDRA) has amended its rules for the appointment of insurance CEOs, easing eligibility criteria.
The Insurance Development and Regulatory Authority (IDRA) has issued, for the first time, regulations governing the duties, responsibilities, professional conduct, and accountability of insurance surveyors and loss assessors involved in non-life insurance claims in Bangladesh.
The government has proposed the establishment of the Actuarial Institute of Bangladesh (AIB) to develop and promote the actuarial profession in the country.
With the aim of strengthening financial discipline and reduce delays in claim settlements, Bangladesh insurance regulator, the Insurance Development and Regulatory Authority (IDRA) has proposed tougher management expense limits for life and non-life insurance companies, reported the Daily Star.
Non-life insurance companies in Bangladesh have not been able to settle around 68% of the claims submitted in the year 2024. This has resulted in outstanding claims amounting to approximately BDT26,350m ($217m) by the end of the year.
A senior insurance executive has proposed that the industry regulator require insurers to liquidate their assets if they fail to settle customer claims.