Gazi Anowarul Hoque :
Two new foreign giant life-insurance companies along with a local private one are set to get final approval to start operation in Bangladesh market.
The approval is likely to come in next regular meeting of Insurance Development and Regulatory Authority (IDRA), insiders said.
The insurance multinationals are Taiyo of Japan, which have more than 5.0 million policyholders, and Life Insurance Corporation of India (LIC), an Indian state own company having an annual turnover of $4.7 billion (2012).
Another Bangladeshi private company will get license in the name of Fareast General Insurance Company. M A Khaleque, current Director of Fareast Life Insurance Company, has applied for the new general insurance company.
In the meanwhile, the DRA gave its consent to the Ministry of Finance about granting insurance business licenses of the two companies on January 26.
Earlier, on January 12, IDRA was asked by the Finance Ministry through a letter to give its opinion on the two license applications filed by the foreign companies.
“Taiyo and LIC are good companies and it would be better if they come to Bangladesh market” opined finance minister AMA Muhith in his letter,
which was sent to IDRA later on. Japanese company Taiyo Life, incepted in 1893, a joint venture company with local summit group, proposed for registering with the IDRA in the name of Taiyo Summit Life Insurance Company Limited in May 2013.
Two new foreign giant life-insurance companies along with a local private one are set to get final approval to start operation in Bangladesh market.
The approval is likely to come in next regular meeting of Insurance Development and Regulatory Authority (IDRA), insiders said.
The insurance multinationals are Taiyo of Japan, which have more than 5.0 million policyholders, and Life Insurance Corporation of India (LIC), an Indian state own company having an annual turnover of $4.7 billion (2012).
Another Bangladeshi private company will get license in the name of Fareast General Insurance Company. M A Khaleque, current Director of Fareast Life Insurance Company, has applied for the new general insurance company.
In the meanwhile, the DRA gave its consent to the Ministry of Finance about granting insurance business licenses of the two companies on January 26.
Earlier, on January 12, IDRA was asked by the Finance Ministry through a letter to give its opinion on the two license applications filed by the foreign companies.
“Taiyo and LIC are good companies and it would be better if they come to Bangladesh market” opined finance minister AMA Muhith in his letter,
which was sent to IDRA later on. Japanese company Taiyo Life, incepted in 1893, a joint venture company with local summit group, proposed for registering with the IDRA in the name of Taiyo Summit Life Insurance Company Limited in May 2013.
