Insurance Development and Regulatory Authority of Bangladesh
| Abbreviation | IDRA |
|---|---|
| Type | GO |
| Headquarters | Sadharan Bima Corporation Tower (8th floor), 37/A, Dilkusha Commercial Area, Motijheel, Dhaka -1000, Bangladesh |
| Website | idra.org.bd |
Insurance Development and Regulatory Authority of Bangladesh (IDRA) is the only government body for regulating and developing the insurance sector of Bangladesh since 2010.[1]
History
The Parliament of Bangladesh on 3 March 2010 has passed two insurance laws in a bid to further strengthen the regulatory framework for the insurance industry. The new laws, came in to effect on 18 March 2010, are Insurance Act 2010 and IDRA Act 2010.
77 insurance companies have been operating in the country. The companies are to be regulated under comprehensive laws and guidelines, and to be supervised by IDRA. The IDRA Act 2010 has paved the way for better regulation of the sector by reducing business risks, and by harmonizing local and international insurance laws for the Economy of Bangladesh. IDRA attempts to protect the interest of insurance policy holders, beneficiaries and ensuring stability of the insurance sector.[2] Two state-owned insurers -Sadharan Bima Corporation (SBC) and Jiban Bima Corporation (JBC) are also regulated by IDRA.
Organizational Structure
- M SHEFAQUE AHMED- Chairman[3]
- MD. QUDDUS KHAN - Member
- SULTAN-UL-ABEDINE MOLLA - Member
- ZUBER AHMED KHAN - Member
- MD. MURSHID ALAM, Member
See also
References
- ^ "Regulators of the Financial System of Bangladesh". 2015-09-19.
- ^ "Insurance Sector of Bangladesh". 2015-09-19.
- ^ "Insurance regulator terribly understaffed". The Daily Star. Retrieved 2016-04-12.