Wednesday, 23 Oct 2019

IDRA directs 25 insurance companies to be listed on the capital market by December

The Insurance Regulatory Authority (IDRA) has ordered the exclusion of five life insurers and four life insurers from the capital market by December this year. Otherwise, the regulator said that strict measures will be taken in accordance with the provisions of the insurance law. The order was issued in two separate letters on Monday.

Gakul Chand Das, a member of the Authority, signed the letter. The letter states that the remaining 5 percent of the paid-up capital of life and non-insurance companies that are unable to meet the requirement to be listed on the capital market for an initial public offering should take the necessary measures to register the capital market during the next month or December. Companies must comply with the provisions of Article 28 of the Insurance Law, Insurance Provisions and Capital Holding Rules 20. Last Sunday, a decision was made to register in the Capital Market during a discussion with the Minister of Finance Mr. Mostafa Kamal, Chairman and CEO of five insurance companies.

Life and non life. The five life insurance companies listed in the capital markets are: Bayra Life Insurance, Golden Life Insurance, Homeland Life Insurance, Sunflower Life Insurance, Best Life Insurance, Chartered Life Insurance, NRB Global Life Insurance, Protec AG, Islamic Life Insurance, Alpha Life Insurance, Diamond Life Insurance, Guardian Life Insurance, Jamuna Life Insurance, Mercantile Life Insurance, Swatch Life Insurance, Islamic Life Insurance and Bangladesh Life Insurance Company. The five insurance companies other than life insurance listed on the market are Crystal Insurance, Meghna Insurance, South Asia Insurance, Islamic Commercial Insurance, Union Insurance, Qatar General Insurance, Express Insurance, Army Insurance and Army Insurance.

Mijana Insurance is the oldest insurance company not listed on the capital market. The company registered on March 7th. That is, the company has been in business for 25 and a half years. Life insurance companies, on the other hand, are the oldest life insurance companies back home. The company received approval on September 7, 2015. The last time Bangladesh Life Insurance Company approved it on December 23, 2006

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