In order to facilitate the upcoming launch of bancassurance operations, the Insurance Development and Regulatory Authority (IDRA) has proposed that commercial banks be permitted to partner with four insurance companies at once.
A bank may partner with two life insurers and two non-life enterprises out of the four, the newspaper Dhaka Tribune reported.
At a conference held at the Financial Institutions Division, representatives of banks, insurance companies, Bangladesh Bank (BB), the country's central bank, and IDRA decided on the 1:4 arrangement (FID).
The gathering also decided to create a combined regulatory committee made up of representatives from the IDRA and the BB. The committee's principal goal would be to resolve any disputes involving claims and other issues.
For several months now, the government has been putting final touches on the implementation of bancassurance in the nation. Guidelines for bancassurance are still being finalized.
It has been said by stakeholders that they would like to introduce bancassurance on March 1 in honor of National Insurance Day.
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