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The Parliament of Bangladesh on 3 March 2010 has passed two insurance laws in a bid to further strengthen the regulatory framework for the insurance industry. The new laws came into effect on 18 March 2010, are the Insurance Act 2010 and IDRA Act 2010. A total of 81 insurance companies have been operating in the country.
Jiban Bima Corporation (JBC) is the state-run life insurance corporation in Bangladesh under the provisions of the Insurance Act 1938, Insurance Rules 1958, and related other laws enforceable in Bangladesh in Bangladesh Corporation Act 1973. The JBC started on 14 May 1973 with assets and liabilities worth TK.
1.Sonali Life Insurance Company Ltd. 2.Metlife Insurance Company Ltd 3. National Life Insurance Company Ltd. 4. NRB Islamic Life Insurance Company Ltd. 5. Chartered Life Insurance Company Ltd. 6. Alpha Islami Life Insurance Company Ltd. 7. Astha Life Insurance company Ltd. (Army Welfare Trust) 8. Meghna Life Insurance Company Ltd. 9.
Bangladesh Small and Cottage Industries Corporation (BSCIC) (Bengali: বাংলাদেশ ক্ষুদ্র ও কুটির শিল্প করপোরেশন) (বিসিক) provides comprehensive support services to small, rural, and cottage industry of Bangladesh, particularly in the small and cottage industries sector.
In the same year, some private sector non-life insurance companies started operation. Since then, it is providing reinsurance support to private sector non-life insurers. With regard to regulatory control, Insurance Development & Regulatory Authority of Bangladesh regulates all insurance companies in Bangladesh including Sadharan Bima Corporation.
After the independence of Pakistan, the RJSC was established for the first time in 1962 in the port city of Chittagong under the Ministry of Commerce. [2] Then it started its activities with some documents from companies, professional organizations and partnership business from Calcutta, India.
The management of the academy is vested in a board formed by the government. The academy also provides tailor-made insurance training for the insurance operators in Bangladesh. Additionally it organizes customized training sessions, seminars, symposiums and conferences on issues relating to the insurance sector of Bangladesh. [1]
The prime task of ICSB is to create professional in order for ensuring sound corporate governance in banks, Insurance and other financial institutions in Bangladesh. [7] In Bangladesh, Institute of Chartered Accountants of Bangladesh, Institute of Cost and Management Accountants of Bangladesh, Bangladesh Insurance Academy and ICSB itself creates Chartered Accountants, Cost & Management ...