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
[edit]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 into effect on 18 March 2010, are the Insurance Act 2010 and IDRA Act 2010.
A total of 81 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 policyholders, 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.
List of former chairmen
[edit]| Serial No. | Name | Date of Assumption | Date of Demitting Office | Reference |
|---|---|---|---|---|
| 1 | M. Shefaque Ahmed | 27 January 2011 | 26 January 2014 | [3] |
| 2 | Md. Fazlul Karim | 29 January 2014 | 03 March 2014 | [3] |
| 3 | Md. Quddus Khan | 04 March 2014 | 08 April 2014 | [3] |
| 4 | M. Shefaque Ahmed | 09 April 2014 | 08 April 2017 | [3] |
| 5 | Gokul Chand Das | 09 April 2017 | 22 August 2017 | [3] |
| 6 | Md. Shafiqur Rahman Patwari | 23 August 2017 | 22 August 2017 | [3] |
| 7 | M. Mosharraf Hossain | 26 August 2020 | 26 September 2020 | [3] |
| 8 | M. Mosharraf Hossain | 27 September 2020 | 14 June 2022 | [3] |
| 9 | Mohammad Jainul Bari | 16 June 2022 | 08 September 2024 | [3] |
Organizational structure
[edit]- Dr. M Aslam Alam - Chairman[4]
- Md Fazlul Haque - Member (Admin Affairs)
- Tanjina Ismail - Member (Legal Affairs)
- Md. Apel Mahmud ACII (UK) - Member (Life)
- Mohammad Abu Bakar Siddique - Member (Non-life)
See also
[edit]References
[edit]- ^ "Regulators of the Financial System of Bangladesh". 19 September 2015.
- ^ "Bangladesh Insurance Market Report 2017". 16 April 2018. Archived from the original on 24 April 2019. Retrieved 16 April 2018.
- ^ a b c d e f g h i "Previous Chairman". Insurance Development & Regulatory Authority. Retrieved 9 December 2024.
- ^ "ড. এম আসলাম আলম নতুন বাংলাদেশের বীমা শিপ্লের অভিভাবক". InsuranceNews24.com. Retrieved 24 November 2024.