Amended laws to be published as ordinance soon
Wednesday, 7 November 2007
FE Report
The Bangladesh Insurance Association (BIA) held a meeting with the chief controller of insurance (CCI), chairmen and managing directors of all the insurance companies at the conference room of Jamuna Resort Ltd in the city Saturday.
BIA Chairman AKM Rafiqul Islam, in his address of welcome, thanked and appreciated CCI Mahfuzul Haque for attending the meeting as the chief guest, said a press release.
He also thanked the chairmen and managing directors of the member companies for their participation in the meeting.
The BIA chairman said there had been considerable growth in premium income of private sector insurance business in 2006.
The premium income stood at Tk 24,477.00 million for life and Tk 8,157.00 million for general insurance in 2006, registering growth of 32.97 per cent and 14.97 per cent respectively. He termed it remarkable achievement.
Later, the chairman raised some major problems being faced by the country's insurance industry, drawing the attention of the CCI in this connection, namely, amendment to insurance laws, investment of life fund, corporate tax of life insurance companies, income tax of agents, enlistment of insurance companies with banks, outstanding re-insurance claims with Sadharan Bima Corporation, insurance act on placement of facultative reinsurance abroad and insurance act prohibiting obtaining of insurance for properties located in Bangladesh from outside Bangladesh.
Chairmen of Delta Life Insurance, City General Insurance, Padma Islami Life Insurance and Asia Pacific General Insurance, and chairman of the executive committee of Fareast Islami Life Insurance, vice-chairperson of Sun Life Insurance, and managing directors of Continental Insurance, Eastern Insurance, Global Insurance Company, Sandhani Life Insurance, Dhaka Insurance, Sonar Bangla Insurance Company and Janata Insurance Company spoke on the occasion.
The CCI thanked the BIA chairman for arranging the meeting between him and the representatives of the member companies of the Association to exchange views on problems being faced by the insurance companies.
With regard to amendment to the insurance laws, the CCI told the meeting that it was likely that the amended laws might be published as ordinance soon.
The Bangladesh Insurance Association (BIA) held a meeting with the chief controller of insurance (CCI), chairmen and managing directors of all the insurance companies at the conference room of Jamuna Resort Ltd in the city Saturday.
BIA Chairman AKM Rafiqul Islam, in his address of welcome, thanked and appreciated CCI Mahfuzul Haque for attending the meeting as the chief guest, said a press release.
He also thanked the chairmen and managing directors of the member companies for their participation in the meeting.
The BIA chairman said there had been considerable growth in premium income of private sector insurance business in 2006.
The premium income stood at Tk 24,477.00 million for life and Tk 8,157.00 million for general insurance in 2006, registering growth of 32.97 per cent and 14.97 per cent respectively. He termed it remarkable achievement.
Later, the chairman raised some major problems being faced by the country's insurance industry, drawing the attention of the CCI in this connection, namely, amendment to insurance laws, investment of life fund, corporate tax of life insurance companies, income tax of agents, enlistment of insurance companies with banks, outstanding re-insurance claims with Sadharan Bima Corporation, insurance act on placement of facultative reinsurance abroad and insurance act prohibiting obtaining of insurance for properties located in Bangladesh from outside Bangladesh.
Chairmen of Delta Life Insurance, City General Insurance, Padma Islami Life Insurance and Asia Pacific General Insurance, and chairman of the executive committee of Fareast Islami Life Insurance, vice-chairperson of Sun Life Insurance, and managing directors of Continental Insurance, Eastern Insurance, Global Insurance Company, Sandhani Life Insurance, Dhaka Insurance, Sonar Bangla Insurance Company and Janata Insurance Company spoke on the occasion.
The CCI thanked the BIA chairman for arranging the meeting between him and the representatives of the member companies of the Association to exchange views on problems being faced by the insurance companies.
With regard to amendment to the insurance laws, the CCI told the meeting that it was likely that the amended laws might be published as ordinance soon.