Download Assignment on Insrnce PDF

TitleAssignment on Insrnce
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Total Pages16
Document Text Contents
Page 15

After analyzing the findings of my report I would like to place the following
recommendations to the insurance authority of Bangladesh-

 The new Insurance Act 2010 introduced many essential features that were missing in
the previous Insurance Act of 1938 but the implementation process were too slow,
the independent Insurance Regulatory Body (IRA) is not yet fully functional. It was
not yet properly established and many of features are yet to be implemented. So, the
Finance Ministry should focus on the problems regarding it and should take
pragmatic steps to solve those problems as soon as possible, because this is already
too late and we don‘t want to be more lagged behind.

 To bring a real change and in the Insurance Business Sector in Bangladesh, the
proposed changes brought by the Insurance Act 2010 should be implemented
prudently and as soon as possible. In this purpose, the concerned authorities need to
be stronger and more active as well as accountable enough.

 All the insurance companies in the insurance industry need to be responsive equally
and very actively. So, the concerned insurance authority should focus on spreading
necessary awareness among the insurance companies as well. To make it possible,
regular seminars, meetings with the business authorities and proper auditing may be
conducted.

 The percentage of management expenses should be at least double to cope up with
the current price hike. In order to ensure maintaining proper expenditure accounts by
the insurance companies, the regulatory authority should taken this issue into
consideration with due importance.

 The total power that has been given to the regulatory authority to deal with the
different opinions over insurance claims should be reconsidered.

 Transparency and accountability should be ensured in each and every step to ensure
the full implementation of the new Insurance Act 2010 in the insurance sector in
Bangladesh. For this, every single person associated with the implementation have to
be honest and conscious. In this regard, everyone should come forward to make the
associated procedure smoother.

 As one of the basic requirements for the insurance industry to have sustained growth
is to enhance training facilities, Bangladesh Insurance Academy is providing training
facilities and professional education to those engaged in insurance business in the
country. The syllabus, curriculum and training programs of the academy (BIA)
should be modified and updated to meet the modern needs of the insurance industry
and to ensure the proper implementation of the Insurance Act 2010.

 To establish the act reliable to the stakeholders and to make its implementation
process bendy, the regulatory authority should keep the Insurance Act 2010 as
flexible as possible, so that any essential amendment can be made and imposed in
order to adjust with the rapid growing and changing situation when necessary.

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