Dhaka, June 28 -- The government is preparing to intervene decisively in Bangladesh's ailing insurance sector with a new Insurer Resolution Ordinance-2025, modelled on the recent overhaul of the banking industry.
Drawn up by the Insurance Development and Regulatory Authority (IDRA), the draft law would permit temporary state control of insolvent insurers, the removal of senior management, and-where necessary-the liquidation, merger or sale of failing companies.
"The objective is to restore good governance, settle claims on time and safeguard policyholders," IDRA spokesperson Saifunnahar Sumi told The New Nation.
Fifteen life insurers-including Fareast Islamic Life, Sunflower Life, Prime Islamic Life, Homeland Life and Padma Islamic Life-...