More time for insurance licence seekers

The Insurance Development and Regulatory Authority (IDRA) has extended time again for receiving applications of licences for new insurance companies until April 30.
Earlier, April 15 was set as the last date for aspirant sponsors to submit applications, the regulator said in a statement yesterday. The deadline was extended from February 28 to April 15 once before.
IDRA officials said they have so far given name clearance to over 100 new companies.
A mad rush to get licences started after the finance minister announced in late June 2011 that new entrants would be allowed in the market.
The regulator earlier received nearly 700 applications for the same. But now the applicants have to apply afresh in prescribed forms in conformity with the new regulations issued on February 13.
The Awami League-led government in its previous regime (1996-2001) also issued more than a dozen licences for new insurers. Three such were given licences on even the last day of government.
There are 62 insurance companies operating in the country. Of them, 44 are general insurers while 18 are life insurers. The total premium earned by life and general insurers stood at nearly Tk 6,000 crore and Tk 1,800 crore respectively in 2012.