At present there is a law regarding insurance which is the insurance Act, 2010.There were some laws in the immediate earlier period regarding insurance, for example Insurance Act 1938.

Every industry needs to be governed and maintained properly to ensure the conflict free operation in any country. In this regard, Parliament of Bangladesh, on 03 March 2010, passed two insurance laws in a bid to further strengthen the regulatory framework and make the industry operationally active. The new laws, came in to effect on 18 March 2010, are Insurance Act 2010 and Insurance Development and Regulatory Authority (IDRA) 2010.

Major Insurance Acts:

·         The Insurance Act, 1938

·         Insurance Rules of 1958

·         Bangladesh Insurance (Nationalization) Order 1972

·         The Insurance Corporations Act, 1973

·         Insurance (Amendment) Ordinances of 1984

·         The Insurance Act, 2010

Insurance Laws in Bangladesh are discuss in following-

The Insurance Act, 1938

This Act contained provisions regarding matters like definition of insurer and insured, commission payable to agents, licensing of agents, appointments of staff, registrar of policies and registrar of claims powers of the controller of insurance, acquisition of surrender value by policy, actuarial report, deposits, investments, loans, valuation of assets and liabilities, account and balance sheets etc. The Act also contained provisions relating to co constitution, management and winding up of insurance company. It was applicable to both in life and general insurance business.

The Bangladesh Insurance (Nationalization) Order, 1972

This order was for the nationalization of insurance business in Bangladesh by transferring all such business to certain corporations established for the purpose and to provide for the regulation and manage of the business of the corporation.

The Bangladesh Insurance Corporation (Dissolution) order, 1972

This order was made for the dissolution of the Insurance corporations.

Bangladesh Insurance Corporation Act, 1973

This law contained 34 sections. It was published on 23 june in 1973. However, it was enacted to establish Jiban (Life) Bima Corporation and Sadharon (general) Bima Corporation by abolishing the former four insurance corporations, namely, Rupsa, Surma, Karnaphuli and Teesta.

The Insurance Act, 2010

All the previous laws relating to insurance were repealed by this Act. It contains 160 sections under seven chapters. It is an updated law. It provides the provisions applicable to insurer, insured, punishment for violation of the law .On the other, it provides provision for Islamic Insurance also.

The Insurance Development and Regulatory Act, 2010

The control over insurance companies including their functions relating to investments, taxation and reporting are regulated by this Act.

Frequently Asked Questions

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