1:33 am - Sunday April 30, 2017

Governance, risk & compliance of insurance industry

Research and Markets has announced the addition of the “Governance, Risk and Compliance – The Bangladeshi Insurance Industry” report to their offering.

‘Governance, Risk and Compliance – The Bangladeshi Insurance Industry report is the result of extensive research into the insurance regulatory framework in Bangladesh. It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report bd insurancespecifies various requirements for the establishment and operations of insurance and reinsurance companies and intermediaries.

The report brings together research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, recent and upcoming changes in regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.

Key Highlights

  • The Bangladeshi insurance industry is regulated by the Insurance Development and Regulatory Authority (IDRA).
  • The practice of non-admitted insurance is limited to reinsurance in Bangladesh.
  • In April 2015, the Bangladeshi Government proposed to increase the limit on foreign insurers’ stakes in local insurers from the current 60% to 83%.
  • Composite insurance is not permitted in Bangladesh.
  • The IDRA, in April 2015, proposed to increase the minimum capital requirement for life insurers from the existing BDT300.0 million (US$3.7 million) to BDT1.0 billion (US$12.3 million).
  • Implementation of International Financial Reporting Standard (IFRS) 4 Phase II effective from January 1, 2018.

Key Topics Covered:

1 Introduction

2 Governance, Risk and Compliance

2.1 Legislation Overview and Historical Evolution

2.2 Latest Changes in Regulations

2.3 Legislation and Market Practice by Type of Insurance

2.4 Compulsory Insurance

2.5 Supervision and Control

2.6 Non-Admitted Insurance Regulations

2.7 Company Registration and Operations

2.8 Taxation

2.9 Legal System

3 Appendix

Companies Mentioned

Jatiya Bima Corporation

Tista Bima Corporation

Karnafuli Bima Corporation

Rupsa Jiban Bima Corporation

Surma Jiban Bima Corporation

Jiban Bima Corporation (JBC)

Sadharan Bima Corporation (SBC)

American Life Insurance Company


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