Government Keeps 2026 Insurance Registration Renewal Fee at Tk 1 per Tk 1,000 Gross Premium

Staff Correspondent: The Bangladesh government has officially kept the registration renewal fee for insurance companies for 2026 at Tk 1 per Tk 1,000 of gross premium, according to a gazette notification issued by the Financial Institutions Division (FID) under the Ministry of Finance.

The gazette was published on Sunday (July 19).

According to the notification, the government has amended the Insurance Business Registration Fee Rules by removing the reference to "2026" from the relevant fee schedule. As a result, insurance companies renewing their registration for 2026 will pay Tk 1 for every Tk 1,000 of gross premium earned in 2024.

The latest decision reverses an earlier move to increase the renewal fee.

On February 4, the Financial Institutions Division issued a gazette raising the registration renewal fee from Tk 1 to Tk 2.50 per Tk 1,000 of gross premium.

Private life and non-life insurance companies strongly opposed the increase, saying it would place a significant financial burden on the sector. According to the insurers, a company with Tk 100 crore in gross premium would have seen its registration renewal fee rise from Tk 10 lakh to Tk 25 lakh.

The Bangladesh Insurance Association (BIA) called for the increased fee to be withdrawn immediately, describing it as a major financial burden on the insurance industry.

Despite the industry's objections, the Financial Institutions Division issued another directive on June 23, instructing all insurance companies to pay the 2026 registration renewal fee at the rate of Tk 2.50 per Tk 1,000 of gross premium.

Following continued requests from insurance companies, the Insurance Development and Regulatory Authority (IDRA) asked the Financial Institutions Division to reconsider the matter and issue a revised notification setting the 2026 registration renewal fee at Tk 1 per Tk 1,000 of gross premium.

With the publication of the latest gazette, insurance companies will now continue to pay the 2026 registration renewal fee at Tk 1 per Tk 1,000 of gross premium earned in 2024, providing relief to the industry after months of opposition to the proposed increase.