Thirty-one insurers in Bangladesh would need to obtain a public listing within three months for failing to satisfy a pre-condition of their licenses, according to Bangladeshi Finance Minister Mustafa Kamal, Asia Insurance Review reported.
The insurers are also given the option to merge with other companies, according to the report. The companies that will fail to comply with the listing requirement will reportedly see their licenses suspended as a first step. Further non-action will result in the cancellation of licenses, according to the report.
The insurers were given licenses on the pre-condition that they would be publicly listed within three years of launching their operations, but many were not able to comply, the minister noted at a Sept. 15 meeting with chairpersons and managing directors of insurance companies, according to the report.
The unlisted insurers are Alpha Islami Life Insurance, Baira Life Insurance, Best Life Insurance, Chartered Life Insurance, Daimond Life Insurance, Golden Life Insurance, Guardian Life Insurance, Homeland Life Insurance, Jamuna Life Insurance, Jibon Bima Corp., LIC Bangladesh, Meghna Life Insurance Co. Ltd., Mercentile Life Insurance, Metlife (American Life Insurance Co.), NRB Global Life Insurance Co. Ltd., Protective Islami Life Insurance, Sawdesh Life Insurance, Sonali Life Insurance, Sunflower Life Insurance Co. Ltd, Trust Islami Life Insurance, Zenith Islami Life Insurance, Bangladesh Co-operative Insurance Ltd., Crystal Insurance Co. Ltd., Desh General Insurance Ltd., Express Insurance Ltd., Islami Commercial Insurance Co. Ltd., Sadharan Bima Corp., Sena Kalyan Insurance Co. Ltd., Sikder Insurance Co. Ltd., South Asia Insurance Co. Ltd., and Union Insurance Co. Ltd.
