The Insurance Development and Regulatory Authority on Monday extended the deadline for the third time by 15 more days to May 15 for submission of applications by
the insurance companies for their registrations.
The deadline was first set on March 30. The authorities subsequently extended the time limit to April 15 and April 30.
‘We have extended the deadline for the application submission as some of the applicants told us that they needed more time to go through a lot of paper works in this regard,’ a senior official of the IDRA told New Age on Monday.
The IDRA is yet to receive enough applications to consider for new licences, said another official.
Therefore, the authorities have decided to extend the deadline for application submission so that the prospective applicants might be able to process their applications smoothly, he said.
The IDRA, the insurance sector regulator, published an advertisement in a number of national dailies about the registration of new insurance companies on February 19.
Since the advertisement the IDRA office sold about 250 application forms at a cost of Tk 24 each till date including 130 forms on the first day of advertisement.
There are 62 insurance companies currently operating in the country. Of which, 44 are general and 18 are life insurance companies.
-With New Age input
