Strong demand for license

Insurance regulatory authorities received 77 license applications for the establishment of insurance companies, 71 of which regard life insurers while 6 relate to non-life insurers. Out of all applications, two are from foreign companies: Life Insurance Corporation of India, operating in association with the local company Square Group, and Taiyo of Japan associated with the company Summit Group. Each candidate must deposit 180 million BDT (2.26 million USD) in a bank and pay non-refundable fees of 500 000 BDT (6 285 USD). The paid-up capital required for a life insurer is 300 million BDT (3.7 million USD). It is 400 million BDT (5 million USD) for a non-life insurer. In addition, 60% of the capital must come from a sponsor, the rest being offered to the public. Today, 60 insurers are already operating in the country, including 18 in life insurance.