PM urges insurance companies
The prime minister, Sheikh Hasina, has called upon the insurance companies to undertake poverty eradication programme through the industry as she assured that her government would provide necessary support to this end.
‘The insurance industry can play a very important role in the socioeconomic arena of a country and it’s possible to take poverty eradication programme through insurance,’ she said.
The prime minister said crop insurance for the deprived farmers, health and micro insurance for the underprivileged people should see the light of the day. ‘So, adopt new plans to this end, we would provide all kinds of assistance on behalf of the government,’ she added.
The prime minister said this while inaugurating the First SAARC Insurance Regulator Conference at Bangabandhu International Conference Centre in the city Saturday morning.
The Insurance Development and Regulatory Authority, Bangladesh in cooperation with Federation of State Organisations of SAARC countries organised the two-day conference with the theme ‘The Way Forward in the Wake of Global Reality’.
With the IDRA chairman, M Shefaque Ahmed, in the chair, the finance minister, Abul Maal Abdul Muhith, was the special guest at the function.
Director at SAARC secretariat Ibrahim Ghafoori addressed on behalf of SAARC secretary general Ahmad Saleem, while convenor and member secretary of the conference organising committee Md Fazlul Karim and ABM Nurul Haque also spoke on the occasion.
Hasina also said insurance companies, which were the trustee of people’s hard-earned money, should be very much prompt in claim settlement.
‘The insurance regulators should keep a cautious eye on the insurance companies so that the claims are settled timely and in a proper manner avoiding any dispute,’ she said. Hasina called for mutual cooperation between the SAARC countries in the field of insurance to improve the condition of the poor people.
‘Although each country is trying to improve the condition of the poor people in their own ways, but I believe cooperation among the SAARC countries can help change the scenario to a great extent,’ she said.
The prime minister said insurance was such a sector from where all the SAARC countries could be benefited through mutual cooperation and knowledge sharing.
Putting emphasis on better training and strong regulatory system to make the insurance industry durable and profitable, she also called for mutual cooperation by the SAARC nations to this end.
‘The cooperation of the SAARC countries can speed up this process and they can also be benefited in their respective sectors in return,’ she said.
The prime minister said insurance is not only vital for eradicating people’s misery, socio-economic development or minimising risk of businesses but also for mobilisation of internal capital.
Hasina said her government had been trying to develop the insurance industry. ‘After assuming office this time, we promulgated new Insurance Act 2010 in place of age-old Insurance Act 1938,’ she said.
The prime minister said the government had also established an autonomous regulatory body, the Insurance Development & Regulatory Authority, dissolving the office of the Chief Controller of Insurance.
‘I am happy to know that IDRA has already taken various reform measures to improve the insurance industry. I hope that insurance industry will contribute greatly to the economic development of our country,’ she said.
Wishing the success of the conference, Hasina said she hoped this conference was going to start a new era in the insurance industry. ‘I hope this initiative of the insurance regulators will help develop the insurance sector in this region further,’ she said.
-With New Age input
