India’s LIC becomes second foreign insurer to enter Bangladesh marketJune 4 2015 by InsuranceAsia News Staff
Life Insurance Corporation of India (LIC), India’s largest insurance company, has received approval from Bangladeshi regulators to operate in Bangladesh.
Bangladesh’s Insurance Development Regulatory Authority (IDRA) chief M Shefaq Ahmed was quoted as saying that LIC will be able to start operations in Bangladesh once they fulfill the conditions stipulated in their letter of consent.
LIC becomes the second foreign insurance company to operate in Bangladesh.
Two years ago, IDRA rejected LIC’s application to operate in Bangladesh because the Indian insurer planned a paid up capital of just BDT300m (US$3.86m).
LIC finally received approval last Monday on the grounds that it will start operations as a JV entity with a paid up capital of BDT1bn (US$12.86m).
- March 6
As insurers reach the implementation phase of IFRS 17 there is plenty of work ahead.
- February 28
Insurance Council of Australia chief executive Rob Whelan warns of need for balance to reforms.
- February 27
Insurance firms will need to set up offices in Labuan to benefit from its 3% tax rate.
- February 25
The Chinese government has yet to find an investor for the insurance giant.