Sadharan Bima Corporation has deposited Tk500 crore to the government exchequer as the lone state-owned non-life insurer was asked to keep its surplus for FY22.
The amount was provided from Sadharan Bima's fixed deposits with different scheduled banks, sources said.
According to the Insurance Corporation Act-2019, after making provisions for bad and doubtful debts, depreciation of assets and any other matters as may be determined by the corporation board, the Sadharan Bima may establish a reserve fund out of its net annual profit and any surplus remaining after that shall be paid to the government.
After the finance ministry asked the state-owned insurer to deposit its surplus, the corporation at a recent meeting finalized the matter.
A top Bima official said that the corporation paid the government the surplus amount after maintaining the company's reserve.
Formed in 1973, the Sadharan Bima Corporation was formed under the Insurance Corporation Act to manage general insurance and re-insurances.
