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Insurance license seekers hearing begins Sunday

  • Published at 08:09 am June 13th, 2013
Insurance license seekers hearing begins Sunday

The Insurance Development and Regulatory Authority (IDRA) has decided to call 77 applicants for a hearing to select the ones suitable for issuing new licenses. 

The hearing will take place from June 16 and will continue till June 20, officials said according to a decision taken by the regulatory authority in its meeting on Wednesday, with IDRA chairman M Shefaq Ahmed presiding.

A maximum of 2 delegations from the applicant companies could attend the hearing.

Earlier, IDRA had received 77 applications for registration of new insurance companies –71 are life insurance and six are non-life insurance companies.

According to the schedule, the hearing of companies that will take place on June16 are Ruposhi Bangla Life, Bangladesh Islami Life, Bengal Life, Karnofuly Life, Mohan Bangla Life, Creative Islamic Life, Zenith Islami Life, Dhaka Islami Life, Mercantile Islami Life, Capital Life, Makkah Life, Janata Life, Legend Mutual Life, Beachland Life, UGC Life and Pretty Life Insurance.

The companies sitting for a hearing on June17 are: Southeast Life, Hongkong Sanghai Life, Charterd Life, Alpha Islami Life, Heritage Life, Star Life, Citizen Life, Sonargaon Life, Shapla Life, Galaxy Life, Sonali Life, Bangladesh Life, Gramin Life, Alif Life, Central Life and Protective Life Insurance.

On 18 June: Alliance Life, Union Life, NRB Global Life, Islami Standard Life, O.M.C Islami Life, Dimond Life, Modern Life, LIC India, Peoples Islami Life, Guardian Life, Nirapad Life, Best Life, Crystal Life, Taiyo Summit Life, Swadesh Life and Jamuna Life Insurance.

On 19 June: City Islami Life, Digital Life, Bandhon Life, AGC Life, Sikder Insurance, Sena Kalyan Life, Sena Kalyan, Ekota Life, NRB Life, Provident Life, Bangladesh Co-Operative Life, Eshan Life , GEO Life, Trust Islami Life, Sakhi Life and Micro Jiban Biam Life Insuranc.

On 20 June: Nationwide Life, Reliance Life, Probashi Life, Total Life, Shabujbangla Life, Fareast General, Primeasia Life, Farmers Life, Future Life, Prudential Life, Axis Life, Pacific Islami Life and Panesia Life Insurance.

The government may issue licenses to 10 new life insurers. Currently, there are 18 life insurance companies operating in the country, making nearly a total of Tk60bn in annual turnover.

A total of 60 companies, including one foreign entity Metlife Alico, are running insurance business in the country.