BIF Forms Committee to Enforce Zero Commission Policy

The Bangladesh Insurance Forum (BIF), the apex body of insurance chief executives, has established a dedicated monitoring committee to ensure the effective implementation of the zero-per cent commission policy in the non-life insurance sector.

The formation of the committee follows the Insurance Development and Regulatory Authority (IDRA)’s recent circular, which mandated the suspension of individual agent licences in addition to enforcing the zero-commission structure for non-life policies. The new BIF committee will oversee the proper application of this directive and ensure compliance across all member institutions.

The decision was taken at an emergency special meeting held on Wednesday at the BIF office in Dilkusha, Dhaka, attended by top executives from both life and non-life insurance companies. A press release issued by BIF after the meeting outlined the committee’s composition and responsibilities.

The session was chaired by BM Yusuf Ali, President of BIF, Executive Member of the Bangladesh Insurance Association, and CEO of Popular Life Insurance. Discussions focused on IDRA’s directives, the changes in commission structures, and their potential impact on the insurance sector. Senior executives including Abul Kalam Azad, Vice President of BIF and CEO of Takaful Islami Insurance PLC; Brigadier General Md. Shafiq Shamim (Retd.), Secretary General of BIF and CEO of Sena Insurance PLC; SM Nuruzzaman, Joint Secretary General and CEO of Zenith Islami Life Insurance PLC; and Md. Noore Alam Siddiqui, CEO of Bangladesh Co-operative Insurance, participated alongside other non-life insurance leaders.

During deliberations, the need for a strong, representative monitoring committee was emphasised. This committee will coordinate with all BIF member companies to track field-level compliance, identify irregularities, and report directly to the forum’s leadership. The initiative is expected to reduce long-standing disputes over commission structures, ensure fair competition, and safeguard policyholders’ interests, while simultaneously monitoring the practical sustainability of the policy.

Monitoring Committee Members

BIF leadership expressed confidence that the committee’s active monitoring will ensure orderly implementation of the zero-commission policy, enhancing transparency and strengthening public trust in the non-life insurance sector.