In a significant step towards modernising Bangladesh’s insurance sector, the Insurance Development and Regulatory Authority (IDRA) convened a meeting with the working committee of the Bangladesh Insurance Association (BIA) to review the proposed amendments to the Insurance Act, 2010. The session took place on Sunday, 14 December, at the IDRA headquarters in Dhaka.
The meeting was chaired by Dr. M. Aslam Alam, Chairman of IDRA, and witnessed the participation of three out of the five members nominated by BIA to the working committee. Present from BIA were First Vice President Adiba Rahman, Executive Committee member Tayef Bin Yusuf, and Vice Chairman of Eastland Insurance Limited, Rizwan Ur Rahman. Key officials from IDRA also attended the deliberations.
Central to the discussions was the detailed review report and set of recommendations prepared by BIA’s technical committee on the draft amendments to the Insurance Act, 2010. According to sources familiar with the meeting, participants engaged in a comprehensive exchange of views regarding the practical realities of the insurance industry, the need to foster a more business-friendly regulatory environment, and strategies to strengthen the efficiency and effectiveness of the supervisory framework.
The dialogue underscored the mutual commitment of both the regulator and industry stakeholders to ensure that any revisions to the law would not only reflect global best practices but also support sustainable growth and operational transparency within the sector. Participants emphasised the importance of balancing regulatory oversight with flexibility, thereby enabling insurers to innovate while maintaining robust consumer protections.
Industry experts believe that these consultations mark a crucial phase in aligning Bangladesh’s insurance legislation with contemporary challenges and opportunities. By integrating insights from both regulatory authorities and industry practitioners, the proposed amendments aim to enhance governance standards, encourage wider market participation, and ultimately build greater confidence among policyholders.
The collaborative approach adopted in this meeting reflects IDRA’s proactive engagement with the insurance community, signalling a concerted effort to create a regulatory environment that is responsive, dynamic, and conducive to the long-term development of the sector. Further consultations and refinements are expected in the coming months before the amendments are formally tabled for legislative consideration.