Bangladesh:Securities regulator urges insurance authority to get 21 insurers listed

The Bangladesh Securities and Exchange Commission (BSEC) has urged the Insurance Development and Regulatory Authority (IDRA) to take the necessary steps to list 21 insurance companies on the country's stock exchanges.

BSEC executive director and spokesperson Rezaul Karim told New Age that the Commission had issued a letter to the insurance regulator towards this purpose.

He said that the Commission has removed barriers to listing of insurance companies by providing them necessary exemptions from securities rules as per a request made by the IDRA.

Previously, on 29 November 2020, the BSEC issued a notification to exempt 26 companies from complying with certain provisions of public offering rules. Of the 26 companies, two are now listed on the stock exchanges and three have filed applications with the BSEC to float their shares.

The remaining 21 insurance companies are yet to apply for a public listing, Mr Karim said. Among them, 17 are life insurance companies and four are general insurance companies.

There are 50 listed insurance companies listed in Bangladesh. Of them, 38 are general insurance companies and 12 are life insurers.

Source: Asia insurance review