Bangladeshi Insurance Industry is Regulated by the Insurance Development and Regulatory Authority

Date: 2015-09-07

“• The Bangladeshi insurance industry is regulated by the Insurance Development and Regulatory Authority (IDRA).

• The practice of non-admitted insurance is limited to reinsurance in Bangladesh.

• In April 2015, the Bangladeshi Government proposed to increase the limit on foreign insurers’ stakes in local insurers from the current 60% to 83%.

• Composite insurance is not permitted in Bangladesh.

• The IDRA, in April 2015, proposed to increase the minimum capital requirement for life insurers from the existing BDT300.0 million (US$3.7 million) to BDT1.0 billion (US$12.3 million).

• Implementation of International Financial Reporting Standard (IFRS) 4 Phase II effective from January 1, 2018.”

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