Insurance Regulatory Authority in the offing
Monday, 1 November 2010
The government will soon form an Insurance Regulatory Authority to ensure transparency and discipline in the country's insurance sector, reports BSS.
The five-member regulatory authority will consist of a chairman and four members having expertise in insurance sector, official sources told the news agency.
The sources said the nomination process for appointing the chairman and the members is now at the final stage
"The announcement of the authority is now a matter of time," Banking and Financial Institution Division Secretary Md Shafiqur Rahman said last week.
Referring to the Insurance Act 2010, he said the new law made formation of the authority mandatory to maintain proper control and supervision of this sector and protect the interests of policy holders and beneficiaries.
Bangladesh Insurance Association (BIA) Secretary General Mollah Md Nurul Islam said the enforcement of the insurance law would be easier and effective with formation of the authority.
The five-member regulatory authority will consist of a chairman and four members having expertise in insurance sector, official sources told the news agency.
The sources said the nomination process for appointing the chairman and the members is now at the final stage
"The announcement of the authority is now a matter of time," Banking and Financial Institution Division Secretary Md Shafiqur Rahman said last week.
Referring to the Insurance Act 2010, he said the new law made formation of the authority mandatory to maintain proper control and supervision of this sector and protect the interests of policy holders and beneficiaries.
Bangladesh Insurance Association (BIA) Secretary General Mollah Md Nurul Islam said the enforcement of the insurance law would be easier and effective with formation of the authority.