Dhaka, June 22 -- The government is set to bring major amendments to the Insurance Act, 2010 to modernize the 15-year-old legislation and strengthen the Insurance Development and Regulatory Authority (IDRA). The proposed changes aim to reduce family dominance in insurance companies, reform their boards, and introduce stricter penalties for irregularities.
Sources have confirmed that the revised law will significantly enhance the powers of the regulator, IDRA - powers that are currently limited under the existing act. A draft of the new law will soon be published on IDRA's official website, inviting feedback from the public and stakeholders in the insurance industry.
Key highlights of the proposed amendments:Power to Dissolve Boards: IDRA ...