SANGSAD BHABAN, Mar 06, 2019 (BSS) – Insurance Corporations Bill, 2019 was
placed in the Jatiya Sangsad today aiming to bring transparency and good
governance in the management of the insurance corporations.
Finance Minister AHM Mustafa Kamal placed the bill in the House with Speaker
of the Jatiya Sangsad Dr Shirin Sharmin Chaudhury in the chair.
The bill, which will replace the Insurance Corporations Act, 1973, suggests a
10-member governing body, instead of existing seven-member body, in Sadharan
Bima Corporation and Jibon Bima Corporation each.
Each governing body will be formed with a chairman, two representatives (joint
secretary level) from the Financial Institution Division, one representative
(joint secretary level) from the Finance Division, one representative (joint
secretary level) from the Commerce Ministry, the director of Bangladesh
Insurance Academy, two persons (insurants) involved in insurance business,
nominated by the government, one accountant nominated by the government, and
the managing director of the respective corporation.
The directors of the governing boards will be appointed for three years, while
one could get reappointment for maximum one year.
Placing the bill, Mustafa Kamal said once the bill is passed by the parliament
and the law comes into effect, the transparency and good governance would be
ensured in the corporations.
Later, the bill was sent to the Parliamentary Standing Committee on the
Finance Ministry for scrutiny and the committee was asked to give its report
on the bill within 30 days.