Introducing bancassurance in Bangladesh

bancassuranceIn 2021, the Insurance Development and Regulatory Authority (IDRA) plans to issue the final bancassurance guidelines. The new directives are designed to strengthen the relationship between insurance companies and banks.

The IDRA says banks will be licensed as corporate insurance agents. In addition, an agent is not allowed to sign a bancassurance contract with more than three insurance companies.

Insurance companies and banks will have to be granted approval from the regulatory authorities before signing agreements.

The Bangladeshi market comprises 79 insurance companies, 33 of which operate in life insurance. The banking sector on the other hand, includes 58 banks.

Read also | Minimum share capital increase for Bangladeshi insurers

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