Parliament passes Insurance Corporation Bill

The Insurance Corporation Bill, 2019 was passed in Parliament on Wednesday seeking to raise the amount of authorised and paid-up capital of both Jiban Bima Corporation and Sadharan Bima Corporation, reports UNB.

The Insurance Corporation Bill, 2019 will replace the previous act framed in 1973.

Finance Minister AHM Mustafa Kamal moved the bill and it was passed by voice vote.

Under the new law, the authorised capital of Jiban Bima Corporation will be Tk 3.00 billion while paid-up capital Tk 300 million. The authorized capital for Sadharan Bima will be Tk 10.00 billion and paid-up capital Tk 5.00 billion.