38 apply to open new insurance cos

Syful Islam The insurance regulator has received some 38 unsolicited applications seeking to open new insurance companies, officials said Wednesday. The Insurance Development and Regulatory Authority (IDRA) is taking preparation to seek applications formally soon as the government is interested to issue some licences for opening new life insurance companies, they added. "We are preparing the Bengali version of application form and updating the licensing policy. We will soon seek formal application from the aspirants of new insurance companies," a senior official of the finance ministry told the FE. Months back Finance Minister AMA Muhith said the government will issue some licences for new bank and insurance companies on political consideration. The central bank has already received 37 applications from the interested people who want to open new bank companies. Of the 38 unsolicited applications received by the IDRA, four are for general insurance and 34 for life insurance companies. The individuals who have submitted unsolicited applications for setting up new insurance companies include ASM Shahidullah Khan, Parvez Akhter Khanom, Syed MH Kabir, Dr Hosne Ara Begum, Ahmed Hosen, Mohammad Mohsin, Abdul Awal, Manirul Islam, Abdul Alim Khan Selim, Kazi Khurrom Ahmed, Mohiuddin Ahmed, Mujibor Rahman, Sayed Habibur Rahman, Anwar Hossain, Muhitul Bari Muhit, Nurul Amin, Shawkat Ali Talukder, Mir Naser Hosen, Abdur Rahim Khan, Isfakul Rahman, Atiqul Haq, Sanjit Kumar Das, Farhana Rabbani Chowdhury, M A Khaleq, Masih Malik Chowdhury, MM Abdul Hye, Chowdhury Md Hanif, Iftekhar Hasan Tareq, Atikuna Nabi, Golam Kabir Bhuiyan, Riyad Ali, Sultan Ul Kabir, Shahabuddin Ahmed, Nur Hossain, Abdur Rahim Khan and Mahtab Uddin Chowdhury. A total of 60 private insurance companies, including a foreign one, are now operating in Bangladesh. Of them, 18 are life and 42 general insurance companies. Besides, two state-owned entities -- Jiban Bima Corporation (JBC) and Sadharan Bima Corporation (SBC) -- are also operating in life and insurance business respectively. A finance ministry official said the government this time will consider issuance of licence for life insurance companies. No application for general insurance companies will be entertained, he said. During the period between 1996 and 2001, the government gave permission to 30 insurance companies the majority of which were in general insurance business. Former chairman of Bangladesh Insurance Association (BIA) AKM Rafiqul Islam earlier told the FE that there was scope for giving permission to some more life insurance companies but not in general insurance sector. The number of general insurance companies is already high, he said.