Summary

The Bangladeshi insurance industry is regulated by the Insurance Development and Regulatory Authority in accordance with the rules and regulations stipulated in the Insurance Act 2010. The government of Bangladesh in March 2010 passed the act repealing the Insurance Act 1938, which was in force since 1938 regulating the insurance industry of the country.

Also in 2010, a new legislation called the Insurance Development and Regulatory Authority Act 2010 was passed by the government of Bangladesh, based on which the IDRA was established as a new regulatory body to supervise and regulate the insurance industry of the country.


Key Findings

  • The Bangladeshi insurance industry is regulated by the Insurance Development and Regulatory Authority
  • The practice of non-admitted insurance is limited to reinsurance in Bangladesh
  • 60% FDI is permitted in the Bangladesh insurance industry
  • Composite insurance is not permitted in Bangladesh
  • Motor third-party liability insurance and workmen’s compensation are compulsory insurance in Bangladesh



The report "Governance, Risk and Compliance - The Bangladeshi Insurance Industry", is the result of extensive research into the insurance regulatory framework in the 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 specifies various requirements for the establishment and operation 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, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.

The report provides -

  • An overview of the insurance regulatory framework in the Bangladesh
  • The latest key changes, and changes expected in the country’s insurance regulatory framework
  • Key regulations and market practices related to different types of insurance product in the country
  • Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in the Bangladesh
  • Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations
  • Details of the tax and legal systems in the country




Scope

  • The report covers details of the insurance regulatory framework in the Bangladesh.
  • The report contains details of the rules and regulations governing insurance products and insurance entities.
  • The report lists and analyzes key trends and developments pertaining to the country’s insurance regulatory framework.
  • The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
  • The report provides details of taxation imposed on insurance products and insurance companies.




Reasons To Buy

  • Gain insights into the insurance regulatory framework in the Bangladesh.
  • Track the latest regulatory changes, and expected changes impacting the Bangladeshi insurance industry.
  • Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
  • Understand key regulations and market practices pertaining to various types of insurance product.