Teesta deal not related to transhipment : Mashiur

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FE Report Prime Minister's economic affairs adviser Dr Mashiur Rahman Tuesday said there are no relations between the Teesta river water sharing deal and the provision of transhipment facilities to India for using Ashuganj port. "We can't relate one with another. Relations with neighbour should not be conditional. We can't open the window half in exchange of the same by the neighbour," he said while addressing a seminar in the city. Mr Rahman said the flow of the Teesta water would not be reduced unless India diverts water in the mid-point. "After the latest earthquake that was centred in its North Eastern state of Sikkim, India won't do that." He said Bangladesh officials have no experience on modalities of transhipment. "We have started trial run of transhipment. It won't continue unendingly." Mr Rahman said: "A newly-constructed road won't remain intact even if you do not use it. It will sustain damage one day. We have received some money from India as grant for construction of roads for carrying over-dimensional cargoes (ODCs). "The government will have to carry out maintenance works of the roads with money earned from ODC trial run in the form of duties." The Economic Reporters' Forum (ERF) organised the discussion titled "New Insurance Act and the sector" at the National Press Club. ERF president Monwar Hossain presided over the programme. Insurance Development and Regulatory Authority (IRDA) chairman Shefaq Ahmed, Bangladesh Insurance Association executive member Nasir A Chowdhury, Dhaka Chamber of Commerce and Industry (DCCI) president Asif Ibrahim and insurance expert Dr Suhrab Hossain also spoke on the occasion. The Adviser said insurance regulator should consult the stakeholders before issuing any new directives. "The regulator should consider the policies the sector has been following for a long period and discuss the issues with stakeholders while applying professional expertise to properly implement the new regulations," Mr Rahman said. He, however, said regulator sometimes becomes influenced by the stakeholders which it should not be. "In that case, the regulator promotes interest of the vested quarters, instead of looking after commoners' interest." In the discussion, Shefaq Ahmed illustrated the fragile state of country's insurance sector. He said out of the 44 general insurance companies now operating in the country, the financial position of only a few of them is satisfactory. Most of them are facing very hard time and some of them have failed to be listed in the stock market trying years after years. Mr Ahmed said: "I can name an insurance company whose managing director gets only Tk 12,000 as salary a month." He, however, said that the life insurance companies are doing good business. Replying to a question, Mr Ahmed said considering the market size there is no scope for allowing any new general insurance companies but scope is there to allow two to three more life insurance companies. Mr Ahmed said of the Tk 150 billion investment in insurance sector, 90 per cent came from the policy holders who have no representation in the companies' board. "My responsibility is to look after their interest. Creating a level playing field is necessary. I have stopped the undue facilities which some vested quarters have been enjoying." Asif Ibrahim criticised the regulator for raising the insurance charges without consulting the company owners. Nasir A Chowdhury said that raising charges may not increase the business of insurance companies; rather, it will result in flight of money abroad while making reinsurance deals with foreign companies.