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Insurance Corporation Bill 2019 Raise in Parliament

The proposals to make new laws to raise approved and paid capital of life insurance and general insurance corporation have been taken to the parliament.

Finance Minister Ahm Mustafa Kamal raised the Insurance Corporation Bill 2019 on Wednesday.

The bill was then sent to the Parliamentary Standing Committee on the Ministry of Finance for examination and report

In 1938 the Insurance Corporation Act repealed the bill to make new laws. Life insurance and general insurance are kept under the proposed law.

The life and general insurance corporation’s approved and paid up capital was Tk 20 crore.

Under the proposed law the proposed life insurance corporation’s 300 crore and the paid up capital of Tk 300 million has been proposed.

And the proposal of making the authorized capital of the general insurance corporation 500 crore and the paid up capital of Tk 125 crore.

Proposals have been proposed to increase the number of directors of the Board of Life Insurance and general insurance corporation from 10 to 10.

Under the 1973 Act 50 percent of the government’s mandate was to compulsorily pass to the General Insurance

Corporation and the remaining 50 percent to the general insurance corporation or any other private company

Under the proposed law, all the non-life insurance general insurance corporation related to any risk or liability

related to any government property or government property underwrite 100 percent of its own and the remaining

half of all private non-life insurance companies offer equitable distribution has been done.

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