Home Today's Paper Most Popular Video Gallery Photo Gallery
Subscription Blog Signin Register
Wednesday, March 27, 2019 05:16:43 AM
Follow Us On: Facebook Twitter Twitter Twitter Twitter

Deficit Budget : What to do as insurance sector

photo by

Share your thought
Post a comment »
Read all () »

It is privilege after getting certification by Roland Moleresh, Head of CDP Secretariat at Newyork as Middle Income Country on 15th March, 2018. On 22.03.2018 IDRA organized a colourful rally by festoon, Banner, Band Party, different categories of artists, attachment of all employees under working of IDRA and all employees of insurance companies by giving them 'T Shirt with Logo' printed by IDRA and wrote their "AcÖwZ‡iva¨ AMÖhvÎvq evsjv‡`kÓ. The rally ended at Bangabandu  Stadium in presence of hon'ble Prime Minister by her chair.
After the national showdown, the IDRA (Insurance Development and Regulatory Authority) organized a meeting on the subject on 25.03.2018 in its office for all members of insurance companies to find out ways to contribute more towards the achievement of the status of Middle Income Country. Different findings are identified by the participants as under"-   
To build up image of the industry,
To find out the way to discourage commission,
To build up target base strategy for safeguard of the industry
To increase claims settlement ratio,
To initiate for opening insurance branches or agencies in abroad,
To expand local re-insurance market by establishing separate re-insurance institute,
To take appropriate measure for reducing re-insurance premium at abroad,
To build pool system re-insurance market within country to control foreign currency transferring,
To improve insurance industry by observing 'National Insurance Day' and to aware people for the benefit of insurance,
To open Best Practice Award for encouraging insurance industry in different aspects such as considering Tax, Vat, claim settlement and clientel service,
To prepare quickly all types of Laws and bye-laws of Insurance Act, 2010 and Insurance Development and Regulatory Authority Act, 2010,
To take appropriate measure by scrutinizing for rectification the conflict of Insurance Act/laws/bye-laws,
To make the policy about insurance of government assets,
To initiate appropriate action for rectification of insurance act/laws for which everybody can do business in honesty,
To take initiative for all the workers who are working at home and abroad come under the life policy,
To mandatory hospitalized insurance for all insurance companies employees,
To adopt continuous process of implementing laws and acts for insurance sector,
To frame out compulsory rule for education to every employees of insurance sector,
To establish Chartered Insurance Institute in Bangladesh by creating professional man power of the industry within the framework of insurance professionalism,
To establish same organogram, scale and facilities for all employees who are working insurance sector,
To create opportunity of job within the line of same salary structure and also help to create efficient management in the industry,
To prepare appropriate same guideline by Insurance Development and Regulatory Authority for all insurance companies in order to equip efficient man power,
To consider BIA Diploma Degree as a part of experience and recognized equivalent's foreign degree,
To circulate guideline for opening Corporate Governance system in the insurance sector,
To intiate and adopt Broker Licence,
To increase efficient level of rating of Broker Financial Associate-Surveyor-Adjuster,Rating Companies etc.
To issue licence must considering minimum eligibility, experience, training and moral values and also advantage will be given to them who are experienced and professionally equipped in insurance,
To ensure discipline in management system by the way of conducting islami insurance procedure under the framework of Shariah,
To adopt and open of Takaful Hajj and Omrah Insurance Scheme,
To create welfare insurance product to the help of poor people under social responsibility,
To conduct Health Insurance, Agriculture Insurance, Cattel Insurance, Railway insurance, weather insurance etc. and all vehicle & person (user) within the framework of insurance,
To implement Integrated Software between the insurance companies and IDRA in order to supervise the activities of insurance companies and to protect the interest of insurance sector,
To remove the obstacle for selling insurance policy under digital channel system,
To ensure the issue of pay order by the Bank in the same day when issuing insurance documents in favour of clients/Banks for the disciplinary measure in insurance sector,
When the honorable President Hossain Mohammad Ershad thought to give Permission of insurance companies is a private sector, the object was to motivate the people to come under the umbrella of insurance for protection of their lives and Properties by which social and economic development may be confirmed without any hassle. To protect the industry and sustainable growth of the country the present Govt. reformed the insurance Act 2010 to establish professionalism, honesty, sincerity and financial stability.
Insurance is highly regulated sector in worldwide. In our country the insurance Development& Regulatory Authority (IDRA) started its function from January 26, 2011. IDRA has been working on making rules and regulation for the insurance industry. The Chairman and Members of IDRA are interrelated with Insurance Act. The Present Chairman and his associate are working since formation and now they are working for implementation of Insurance Act 2010. They are very much experienced and educated in their line on the other hand they work in the initial stage of preparing Insurance Act, 2010, so expectation from them is in highest level to the insurance industry.
From the very inception IDRA had to face an uphill task to enforce discipline in the Market. IDRA formed vigilance teams to inspect different branches of insurance companies and any violation detected was severely punished through enforcement of heavy monetary penalties. Especially in the non-life sector for documents issued without receiving money and over commission as set by the Authority. Now the present team of IDRA working for the development rather than Punishment. This is work tremendously for development of the insurance arena.
A healthy insurance market must have a base and growing volume of business. In our present market, only a few types of non-life insurance business (schemes of insurance) are underwritten, mostly on compulsion basis. A vast of private property remains outside insurance protection. No doubt the volume of business has insured to some extent, but the schemes of insurance are restricted a few types viz. a few schemes under fire, marine, motor and accident insurance business are in practice. Many insurance schemes like householder's policy, locker insurance , jeweler's block policies, loss of profit or consequential loss policy, employers liability, public liability, product liability, professional indemnity, Machinery Break Down, Deterioration of Stock, Hotel Owners insurance, Industrial all risk, Contractor's all risks, plate glass insurance, crop insurance, Export credit Guarantee insurance, live stock insurance, Money insurance, ATM booth insurance and many other non-traditional schemes of insurance are hardly underwritten in the private sector. Of course, the financial strength and lack of specialized knowledge of the new and smaller companies don't permit to underwrite such risk. Even bigger companies are often shy of underwriting such risk. But for the sake of growing market more and more risks should be covered to minimize the losses. People should be persuaded and educated to buy new types of insurance products. Before issuing this types of policy underwriting and development personnel need to train up about the language of policy working and the coverage. Otherwise the companies will involve themselves in unfair competition in a limited market for procuring the same business, without Proper Knowledge of Development personnel.
Same is the case with life insurance. Life products are also restricted to a few traditional schemes. Various innovative products can be developed to cover different needs viz, accident, medical needs, education/marriage of children, requirement benefits, Hospitalization and other needs of human beings from cradle to death. But presently the life companies can't satisfy these needs satisfactorily rather
Contd on page -16

Add Rate

News Archive

Inside The New Nation

Editorial »

Nation's supreme sacrifice for independence must not go in vain

THE nation is set to celebrate 49th Independence Day and National Day today. This year, the Independence Day has got special attention following the announcement of United Nations Under-Secretary General and Special Adviser on Prevention of Genocide Adama Dieng. The special envoy on Sunday said that UN will raise the ...

Cricket »

Brian Lara hopes to witness an India-Pakistan final in WC 2019

Former West Indies legend Brian Lara predicted India as favorites to claim the World Cup title.While the cricketing interactions between sub continental arch rivals hit an all-time low in barometer following never ending political disarray, Caribean living legend has foreseen a repeat of the 2017 ICC Champions' Trophy final where ...

International »

Venezuela crisis: Russian military planes land near Caracas

Two Russian military planes landed in Venezuela's main airport on Saturday, reportedly carrying dozens of troops and large amounts of equipment.The planes were sent to "fulfil technical military contracts", Russia's Sputnik news agency reported.Javier Mayorca, a Venezuelan journalist, wrote on Twitter that he saw about 100 troops and 35 tonnes ...

International »

New Zealand's Ardern orders top-level inquiry

New Zealand's Prime Minister Jacinda Ardern has ordered a top-level inquiry into the Christchurch mosque attacks that left 50 people dead.She said a royal commission would examine whether police and intelligence services could have done more to prevent the 15 March shootings.A royal commission is the highest level of independent ...

Entertainment »

I am a part of a film that will help people see beauty in different light: Deepika

Bollywood’s leading lady Deepika Padukone has time and again exhibited her thirst for challenging roles with her diverse choice of films. Giving testimony of the same yet again, Deepika will be seen slipping into the skin of an acid victim survivor for Chhapaak and is exhilarated to give to the ...

Cricket »

Rumana receives T20 Team of the Year cap from ICC

Bangladesh Women's team star Rumana Ahmed received the 2018 ICC T20 Team of the Year cap from the International Cricket Council (ICC) on Sunday, according to a message sent by Bangladesh Cricket Board (BCB).Rumana is the first Bangladesh player to have been selected in the ICC squad. The right-arm leg-spinner ...

International »

Maduro vows ‘deep’ change in Venezuela government amid pressure

AP, Venezuela :Venezuela President Nicolas Maduro vowed a major shake-up in his government, a sign he is feeling pressure from U.S. sanctions and an international outcry for him to resign."I will in the coming hours announce new government methods and a profound change in the entire government of Venezuela," Maduro ...

Football »

England, France win big, Portugal held as Euro defense opens

AP, London :Big and slick wins for France and England. Not even a goal for Portugal.Even with Cristiano Ronaldo returning to the Portugal side for the first time since last year's World Cup, the European champions could only begin their title defense with a 0-0 home draw against Ukraine.The goals ...

Sports »

Serena survives scare to advance in Miami

AFP, Miami :Serena Williams survived an "irresponsible" second set lapse on Friday to see off Sweden's Rebecca Peterson 6-3, 1-6, 6-1 in her second-round opener of the WTA and ATP Miami Open."I wasn't really happy with my performance," admitted the 23-time Grand Slam champion, who is playing in just her ...

Entertainment »

I was lucky that it wasn't a dance-off - Alia Bhatt

An Abhishek Varman directorial, Kalank starring Alia Bhatt, Madhuri Dixit, Varun Dhawan, Aditya Roy Kapur, Sonakshi Sinha, and Sanjay Dutt has been making headlines ever since its announcement. It was just yesterday when the makers of the film dropped in the first song, titled Gharore pardesiya, featuring Alia and Madhuri ...

International »

Pope replaces Santiago bishop after abuse cover-up claims

Reuters, Vatican City :Pope Francis has accepted the resignation of Cardinal Ricardo Ezzati, the archbishop of Santiago and the highest ranking member of the Catholic Church in Chile, who has been caught up in the country's sex abuse scandal.A Vatican statement on Saturday said the pope had named Bishop Celestino ...

International »

May makes final push for Brexit deal with new timetable

Prime Minister Theresa May returns to Britain on Friday vowing to make "every effort" to win over MPs opposed to her EU divorce deal, hours after securing a delay to Brexit from European leaders in Brussels.The embattled premier faces daunting odds to persuade recalcitrant British lawmakers to back a plan ...

City »

Gonoforum President Dr. Kamal Hossain speaking at a press conference organised by Gonoforum at the Jatiya Press Club on Saturday demanding safe road.

Editorial »

Modernise the railways and make it corruption-free

BANGLADESH Railway has been showing less importance and interest to recover its grabbed lands though thousands of acres of land are now illegally possessed by a section of influential people and some organisations. It has also no visible plan to use many unused lands across the country too. An initiative ...

Editorial »

Save Halda from dying

DEPARTMENT of Environment has revealed that waste from a housing estate and some factories are polluting the Halda river in Chattogram to the extent that it caused dying of fish. Currently, the pollution of the Halda is severely affecting the livelihood of adjacent people, in particular the fishermen. In June ...

Items that you save may be read at any time on your computer, iPad, iPhone or Android devices.
Are you new to our website? Do you have already an account at our website?
Create An Account Log in here
Email this news to a friend or like someone
Write a comment to this news