The proposed national insurance policy is likely to be placed before the cabinet meeting scheduled for today.
The policy is to expand insurance business through ensuring transparence and accountability, said a senior official yesterday.
Insurance Development and Regulatory Authority had sent the draft of the policy to Cabinet Division for consideration by the cabinet, said the official at the Banking and Financial Institutions Division.
As per the proposal, the policy includes insurance of public assets like Bangladesh Railway. Several accidents took place in railways, but the sufferer passengers were not entitled to any insurance benefit. The proposed policy would consider the issue, said the official.
The country’s key installments like Bangladesh Secretariat, Bangladesh Bank, Sangsad Bhaban and airports across the country will be covered by the government insurance companies, according to the draft national insurance policy.
The policy, if adopted, would also remove disparity between the premiums for men and women, who have to pay more premium than men.
The policy, entitled the National Insurance Policy – 2014, will have short, medium and long term objectives. The policy, if adopted, will come into effect from the middle of 2014 and will expire in 2021.
The draft policy says crop insurance would protect the farmers while other new and innovative products will be encouraged under the policy.
It said the country’s farm land remains vulnerable because of the adverse impact of global warming. The temperature may rise by 2% to 4% to flood the cultivable lands.
The draft noted that there was lack of planning in combating such type of natural disasters in Bangladesh – a country that tops the list of the most vulnerable countries to the climate change.