IDRA directs insurance owners to cover 60% of their capital

The Insurance Development and Regulatory Authority (IDRA) has directed the paid-up capital of general insurance companies (non-life) to be at least Tk 40 crore. At the same time, 60 per cent of the capital has been directed to keep the entrepreneurial managers. It has been asked to inform the IDRA of its progress within the next one month. This information has been known from IDRA sources.

According to sources, on January 17, IDRA Director (Deputy Secretary) Mohammad Jahangir Alam sent a letter to the chief executives of non-life companies. The letter said that in compliance with Section 21 (3) of the Insurance Act 2010, the authorities were requested to take necessary steps to preserve the minimum paid-up capital of Schedule-I within the next one month.

Sunbd/NJ