Bangladesh moves to establish actuarial institute; IDRA seeks public opinion

Staff Correspondent: The government has moved to establish the Actuarial Institute of Bangladesh (AIB) to regulate and promote the actuarial profession in the country. In this regard, the Insurance Development and Regulatory Authority (IDRA) has published the draft of the Bangladesh Actuary Ordinance, 2025 and invited opinions from stakeholders, experts and the public.

The draft ordinance was published on IDRA’s official website on Tuesday (Sept 30) with a directive signed by Mohammad Khaled Hossain, Executive Director (Law) of IDRA.

The authorities concerned have requested written feedback by October 16, 2025. Submissions must be sent in both Microsoft Word (Nikosh font) and PDF formats to the designated email addresses ([email protected], [email protected] and [email protected]). Hardcopy submissions will not be accepted.

According to the IDRA, the establishment of the Actuarial Institute is aimed at ensuring the proper management, regulation and advancement of the actuarial profession within the insurance industry and other relevant sectors. The proposed institute will oversee academic programmes, professional training, examinations and other related activities to strengthen actuarial expertise in the country.

The regulatory authority noted that opinions not submitted within the stipulated time will be considered as having no objection and required steps will be taken to finalise the ordinance accordingly.

The initiative is seen as a significant move to institutionalise actuarial discipline in Bangladesh, aligning the country with global practices and strengthening risk management skills within the financial and insurance sectors.

A copy of the draft Bangladesh Actuary Ordinance, 2025 is available on the IDRA website for review.