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Regulator: no scope for fresh non-life insurers

Star Business Report
There is no space for new non-life (general) insurance companies in the country, said the chairman of Insurance Development and Regulatory Authority (IDRA) yesterday.
"Only two to three new licences can be given to life insurance companies, but no scope exists for already saturated general insurers,” said M Shefaque Ahmed, quoting the IDRA's recommendation report sent to the finance ministry.
Ahmed was speaking at a discussion on the insurance act and the sector, organised by Economic Reporters' Forum with its President Monowar Hossain in the chair. Prime Minister's Economic Affairs Adviser Mashiur Rahman spoke as the chief guest.
Ahmed, also an actuary, said most of the 44 non-life insurance companies are sick and cannot hire required human resources for fund constraints.
“Many companies cannot come into the stockmarket due to losses,” he
said. Total premiums earned by 44 general companies were less than Tk 1,500 crore in 2010.
The IDRA chairman also gave a recipe for general insurers to come out of the sickness.
“We've abolished the discount facility enjoyed by a group of people, and the move can raise non-life insurers' premiums up to Tk 3,500 crore by 2013,” said Ahmed.
A stoppage in discounts could reduce premium rates, the highest in the region, and attract more people to come under insurance coverage, he noted.
Earlier on Monday, different business bodies and leading businessmen expressed their dissatisfaction over the IDRA chief, saying he took some unilateral decisions that go against the business and the insurance industry.
Recently, the insurance regulator issued some circulars mentioning that an insurance director cannot be a director in other finance companies as per the new law. The IDRA has also
imposed penalties for irregularities and abolished discounts in fire and marine tariff rates enjoyed by a group of businessmen.
Asif Ibrahim, president of Dhaka Chamber of Commerce and Industry, also denounced the regulator's actions yesterday.
Ibrahim said the private sector will not accept decisions imposed unilaterally on them. He even blamed the IDRA for squeezing the flourishing private sector by using "anti-business" regulations.
"Please, withdraw the circulars issued recently,” the DCCI president urged the regulator chief.
Veteran insurance personality Nasir A Choudhury said 200 applications for floating new insurance companies are now lying with the finance ministry, but India with a big market has fewer companies than Bangladesh.
On the recent regulations imposed by IDRA, Choudhury said the regulator should discuss the issue with the stakeholders.