17-05-2021
Bangladesh:Regulator licenses first non-resident Bangladeshi insurer
Insurance AlertssBangladesh:Regulator licenses first non-resident Bangladeshi insurer
The Insurance Development and Regulatory Authority (IDRA) has granted a licence to NRB Islamic Life Insurance Company which is as the first non-resident Bangladeshi (NRB) insurer in the country.
With NRB Islamic Life, Bangladesh now has 33 life insurance companies and 46 non-life insurers, reported The Daily Star.
Mr M Mahfuzur Rahman, vice-chairman of the NRB Islamic, said, "We will reach our non-resident Bangladeshis, who are earning money for the country, to give them insurance coverage." He added that the company's chairman, Kibria Golam Mohammad, is well-established in Italy and has a huge network in Europe.
The new insurer will target the Europe market vigorously, he said.
NRB Islamic Life has a paid-up capital of BDT180m ($2.1m). The IDRA, in granting the licence, requires NRB Islamic Life Insurance to obtain a listing on the stock market within the next three years.
Source: Asia Insurance Review
