JS likely to pass two new ins bills
Monday, 4 January 2010
FE Report
The country's insurance sector is set to embrace the much-awaited new laws as the relevant bills will get passed this session beginning from today (Monday), Finance Minister AMA Muhith said Sunday.
The proposed bills are: The Insurance Act 2009, and The Insurance Regulatory Authority Act 2009.
"Both insurance bills are to be passed in the fourth session of the ninth parliament," Mr. Muhith said after a meeting with a delegation of Bangladesh Insurance Association (BIA), led by its Chairman A K M Rafiqul Islam, at the secretariat.
Former BIA chairman Nasir A Chowdhury among other executive members of the association were present at the meeting
The finance minister also informed newsmen that they had discussed some of the provisions in the proposed insurance laws.
The BIA chairman, however, said they sought the finance minister's intervention in some amendments to the proposed new insurance law including the provision for appointment of directors for business interest.
The Association leaders also suggested that the proposed restrictions on insures' operating expenditures should be removed as a new mandatory provision of 'solvency margin' has been incorporated in the proposed insurance act.
"We have suggested a number of amendments to the proposed insurance acts… And the finance minister has expressed his government's willingness to consider those, the BIA chairman said.
The country's insurance sector is set to embrace the much-awaited new laws as the relevant bills will get passed this session beginning from today (Monday), Finance Minister AMA Muhith said Sunday.
The proposed bills are: The Insurance Act 2009, and The Insurance Regulatory Authority Act 2009.
"Both insurance bills are to be passed in the fourth session of the ninth parliament," Mr. Muhith said after a meeting with a delegation of Bangladesh Insurance Association (BIA), led by its Chairman A K M Rafiqul Islam, at the secretariat.
Former BIA chairman Nasir A Chowdhury among other executive members of the association were present at the meeting
The finance minister also informed newsmen that they had discussed some of the provisions in the proposed insurance laws.
The BIA chairman, however, said they sought the finance minister's intervention in some amendments to the proposed new insurance law including the provision for appointment of directors for business interest.
The Association leaders also suggested that the proposed restrictions on insures' operating expenditures should be removed as a new mandatory provision of 'solvency margin' has been incorporated in the proposed insurance act.
"We have suggested a number of amendments to the proposed insurance acts… And the finance minister has expressed his government's willingness to consider those, the BIA chairman said.