SBC employees stage protest against proposed amendment to insurance corporation act

Staff Correspondent: Employees of the Sadharan Bima Corporation (SBC) have intensified their movement against the Insurance Development and Regulatory Authority’s (IDRA) proposal to amend the Insurance Corporation Act 2019, calling it a threat to the nation’s public insurance framework. The protest, held in front of IDRA’s headquarters in Dhaka, drew the participation of SBC Employees’ Union leaders and a large number of officials who demanded the immediate withdrawal of the amendment initiative.

At the programme, the speakers blamed the regulator of attempting to erode the strength of SBC, the country’s only state-owned general insurer, under the guise of reform. They said that the proposed amendment would basically deteriorate management oversight of the reinsurance business and expose the national insurance sector to undue private influence.

Union leaders warned that transferring reinsurance authorities concerned to the private sector would deprive the government of a major source of revenue while compromising the stability and reliability of local insurers. They also questioned the urgency behind the proposal, alleging that it was being advanced hurriedly before the national election without proper consultation with industry stakeholders.

The employees declared their determination to continue protests until the amendment proposal is fully withdrawn, vowing to escalate their movement through formal memorandum and wider advocacy if necessary.