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Daily Business News All Daily Business News
13 Mar 2013
200 application forms sold in three weeks

The Insurance Development and Regulatory Authority sold 200 application forms for licences for setting up new insurance companies in the last three weeks.
The IDRA, however, is yet to receive any application from the persons who collected the application forms.
On February 19, the insurance sector regulator published an advertisement in some national dailies, seeking applications from the prospective insurers for licences for setting up new insurance companies.
Since the publication of the advertisement, the IDRA office sold 200 application forms at a cost of Tk 24 each till date including 130 forms sold on February 19.
An IDRA official told New Age on Tuesday that they were yet to receive any application from the persons who collected application forms from them.
He said, ‘We are expecting that they will file their applications from the next week as the deadline is set for March 31 for the purpose.’
He, however, said that a good number of people had shown interest in gathering information about the application process.
People are seeking information over telephone and are visiting the IDRA office everyday with queries, he said.
The IDRA official said, ‘I do not know how many new licences this time will be provided. But, we are not selling any more application forms from this week. It is the jurisdiction of the government and the IDRA to issue licences.’
The process of giving licences for new insurance companies actually started after the finance minister had announced in late June in 2011 that new insurance companies would be allowed to develop the sector in the country.
The IDRA earlier had received nearly 700 applications, seeking licences.
But now the prospective insurers will have to apply for fresh in prescribed forms in compliance with the new regulations issued on February 13.
IDRA sources said that the ruling Awami League-led government in its 1996-2001 tenure had issued 12 licences for new insurance companies in the country. 
Of them, three new licences were issued in the last day of the government’s tenure.
Currently, there are 62 insurance companies are operating in the country.
Of them, 44 are general and 18 are life insurance companies.
Total premium earned by life insurers in last year was around Tk 60 billion.

Source :: New Age