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POST TIME: 7 March, 2019 00:00 00 AM
Insurance Corporation Bill placed in parliament
UNB, Sangsad Bhaban

Insurance Corporation Bill placed in parliament

The Insurance Corporation Bill, 2019 was placed in parliament yesterday, aiming to raise the amount of the authorised and paid-up capital of both Jiban Bima Corporation and Sadharan Bima Corporation.

The Insurance Corporation Bill, 2019 will replace the previous act framed in 1973.

Finance Minister AHM Mustafa Kamal placed the bill in the House and it was sent to the respective scrutiny committee for further examination. The committee was asked to submit its report within 30 days.

Under the new law, the authorised capital of the Jiban Bima Corporation will be Tk 300 crore while the paid-up capital Tk 30 crore. The authorised capital for Sadharan Bima will be Tk 500 crore and paid-up capital Tk 125 crore.

At the time of inception, the authorised capital of the each of the state-run insurance corporations was Tk 20 crore, which is very much insufficient at the present need as the objective of the bill reads.