Economic Reporter :
Insurance Development and Regulatory Authority (IDRA) held an emergency meeting of stakeholders, chairmen and chief executive officers of these insurance companies Tuesday to bring non-listed insurance companies into the capital market.
Representatives from Financial Institutions Division (FID) were also attended the meeting.
The issue of apathy among 28 insurance firms to get listed on the stock market came up at the meeting for discussion, according to the officials.
Finance Minister AHM Mustafa Kamal gave the directives at a view-exchange meeting with chairmen and top executives of insurance companies on September 15.
After the meeting the minister said, “We have asked non-listed insurance companies to be listed on the capital market within next three months. If they fail to get enlisted on two stock exchanges-Dhaka and Chattogram-stern action would be taken against them.”
In the meeting, insurance companies’ authorities mentioned that they have been facing difficulties in running their business, a meeting source said.
Currently, there are 78 insurance companies, life and non-life. Of them, 47 are listed on the capital market, according to the IDRA webpage.
Though the finance minister at the meeting in September asked non-listed insurance companies to get enlisted on the capital market and offload shares by three months, no progress has been made in this regard, according to the source.
“Despite repeated attempts made by government high-ups to bring such companies into the capital market, no development has taken place as the authorities of non-listed insurance companies are dragging their feet over listing on the stock market,” a senior official of Financial Institutions Division (FID) said.
Despite frequent attempts over phone, IDRA chairman Md. Shafiqur Rahman Patwari and its member Gokul Chand Das could not be reached for their comments in this regard.
