The Insurance Development and Regulatory Authority has extended the time limit by 15 days for submission of applications for registration to get new license to run insurance business in the country.
The time limit for application submission has been extended till April 15, 2013 from March 31, 2013, IDRA said in a press release on Monday.
‘We have extended the deadline for application submission as some of the applicants requested us because they needed to go through a lot of paper works to get the insurance license,’ a senior official of the IDRA told New Age on Monday.
However, IDRA has so far received only two applications for new license until Monday.
The IDRA, the insurance sector regulator, published an advertisement in a number of national dailies about the registration of new insurance companies on February 19.
Since publication of the the advertisement, IDRA office sold about 250 application forms at a cost of Tk 24 each till date including 130 forms on the first day of advertisement to provide fresh licenses to boost the insurance sector.
There are 62 insurance companies currently operating in the country, of which 44 are general and 18 are life insurance companies.
Total premium earned by life insurers stood at around Tk 60 billion in 2012. (Source)
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