The Insurance Development and Regulatory Authority has so far issued five licences out of the total 11 newly approved insurance companies in the country.
Protective Life Insurance Company Ltd and Zenith Islamic Life Insurance Company Ltd received the licence on August 21 after completion of hearing and scrutiny of their applications.
Earlier on July 30, the IDRA issued three licences to Sonali Life Insurance Company Ltd, Chartered Life Insurance Company Ltd and Sikder General Insurance Company Ltd.
The rest six companies — Mercantile Islami Life Insurance, Taiyo-Summit Life Insurance, NRB Global Life Insurance, Guardian Life Insurance, Best Life Insurance and Sena Kalyan General Insurance Company Ltd — are likely to get licences soon, IDRA officials said.
The IDRA announced the name of 11 new insurance companies — two life and nine general — to issue licence on July 4 along with the exiting 62 insurance companies in the country.
Railway minister Mujibul Haque is among other sponsors of Sonali Life Insurance Company Limited. Awami League chief whip Abdus Shahid and Unique Hotel and Resorts Limited managing director Noor Ali, who is known as a pro-Awami League businessman, are among the sponsors of Chartered Life Insurance Company Limited.
Lawmaker for reserved women’s seat Faridunnahar Laily got the licence of Zenith Islami Life Insurance, while Awami League leader in Chittagong M Nasir Uddin is among the sponsors of Mercantile Islami Life Insurance.
Awami League leader and former home minister Rafiqul Islam is among the sponsors of Protective Life Insurance Company Limited. Muhammed Aziz Khan, brother of civil aviation and tourism minister Faruk Khan, is among the sponsors of the Taiyo-Summit Life Insurance Company Limited, a joint-venture project with Japan-based Taiyo company.
The total number of insurance companies now will stand at 73 after completion of the current licensing process by the IDRA.
The IDRA published guideline and asked the willing companies to submit applications between February 10 and March 31.
Later, the authorities extended the application deadline for three times until May 15. During the time 77 applications were received by the IDRA. The authorities called for hearing of 75 applicants between June 16 and 20.
Currently, 62 companies — 44 general and 18 life — are running business in the country. In addition, Alico, a foreign life insurance company is also doing business in this country.
The market size of life insurance is around Tk 6,000 crore by turnover while non-life segment is around Tk 1,900 crore.
Earlier, the previous Awami League-led government had issued 11 licences for new insurance companies in 1996-2001, with three given on the last day of the government’s tenure.
-With New Age input
