Abbreviation IDRA Website idra.org.bd | Type GO | |
Headquarters Sadharan Bima Corporation Tower (8th floor), 37/A, Dilkusha Commercial Area, Motijheel, Dhaka -1000, Bangladesh | ||
Insurance Development and Regulatory Authority of Bangladesh (IDRA) is the only government body for regulating and developing the insurance sector of Bangladesh since 2010.
Contents
History
The Parliament of Bangladesh on 3 March 2010 has passed two insurance laws in a bid to further strengthen the regulatory framework for the insurance industry. The new laws, came into effect on 18 March 2010, are Insurance Act 2010 and IDRA Act 2010.
77 insurance companies have been operating in the country. The companies are to be regulated under comprehensive laws and guidelines, and to be supervised by IDRA. The IDRA Act 2010 has paved the way for better regulation of the sector by reducing business risks, and by harmonizing local and international insurance laws for the Economy of Bangladesh. IDRA attempts to protect the interest of insurance policy holders, beneficiaries and ensuring stability of the insurance sector. Two state-owned insurers -Sadharan Bima Corporation (SBC) and Jiban Bima Corporation (JBC) are also regulated by IDRA.