Bangladesh restricts Metlife from sending profits to USFebruary 11 2016 by InsuranceAsia News Staff
The Insurance Development and Regulatory Authority (IDRA) of Bangladesh has reportedly stopped insurance firm MetLife from repatriating its profits to the United States, according to a report.
Allegedly, IDRA has refused to issue a permit for MetLife to send its profits to its headquarters in the US in the interest of MetLife policy holders in Bangladesh.
The report also quoted MetLife regional senior vice president Nurul Islam as saying that the insurer received two letters from IDRA and is currently reviewing the matter.
The report added that IDRA had asked MetLife to keep Tk1.86 billion (US$24 million) of its profits in 2013 and 2014 in Bangladesh and repatriate just Tk330 million to the US.
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