Bangladesh orders MetLife to raise capital by almost 500%February 17 2016 by InsuranceAsia News Staff
MetLife Bangladesh will have to raise its paid-up capital by almost five times to Tk3.5 billion (US$44.6 million), under instructions from the Insurance Development and Regulatory Authority (IDRA), according to a report.
The regulator has instructed MetLife Bangladesh, which currently has paid-up capital of Tk720 million, to raise its paid-up capital as part of efforts to safeguard the interests of policyholders.
MetLife Bangladesh has close to one million insured members and more than 12,000 agents.
IDRA chairman Shefaque Ahmed was quoted as saying that the regulator arrived at the figure using its new solvency margin rules.
IDRA has also instructed MetLife Bangladesh to show its increased paid-up capital in its 2015 accounts.
MetLife has been active in Bangladesh since 1952 with a market share of more than one-quarter of the industry’s total industry’s premium.
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