Dhaka, March 12 -- The country's insurance sector is in a deep crisis as insurance companies have exploited the public over the past 15 years, while the regulatory authority has remained ineffective due to a lack of enforcement power, according to the chief of the insurance regulator.

To bring discipline to the insurance sector, the regulatory body must be significantly empowered.

Chairman of the Insurance Development and Regulatory Authority (IDRA), Dr M Aslam Alam, said, "A few days ago, the Governor of Bangladesh Bank stated in the media that the banking sector is on the brink of disaster. However, I believe the insurance sector is facing an even deeper crisis."

"The misdeeds in the insurance sector over the past 15 years have led t...