The Insurance Development and Regulatory Authority of Bangladesh (IDRA) is the sole government body responsible for regulating and developing the insurance sector of Bangladesh. It has been operating since 2010. 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 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. Two state-owned insurers -Sadharan Bima Corporation (SBC) and Jiban Bima Corporation (JBC) are also regulated by IDRA.
List of chairmen (Former and Present)
+ The IDRA Chairpersons Serial No. Name Date of Assumption Date of Demitting Office Reference 1 M. Shefaque Ahmed 27 January 2011 26 January 2014 2 Md. Fazlul Karim 29 January 2014 03 March 2014 3 Md. Quddus Khan 04 March 2014 08 April 2014 4 M. Shefaque Ahmed 09 April 2014 08 April 2017 5 Gokul Chand Das 09 April 2017 22 August 2017 6 Md. Shafiqur Rahman Patwari 23 August 2017 22 August 2020 7 M. Mosharraf Hossain 26 August 2020 26 September 2020 8 M. Mosharraf Hossain 27 September 2020 14 June 2022 9 Mohammad Jainul Bari 16 June 2022 08 September 2024 10 Mohammad Aslam Alam 09 September 2024 15 June 2026 11 Mir Nadia Nivin 16 June 2026 Incumbent
Organizational structure
Mir Nadia Nivin - Chairman Md Fazlul Haque - Member (Admin Affairs) Ms Tanjina Ismail - Member (Legal Affairs) Md. Apel Mahmud ACII (UK) - Member (Life) Mohammad Abu Bakar Siddique - Member (Non-life)
See also List of Insurance Companies in Bangladesh List of financial supervisory authorities by country
References
External links