IDRA holds consultation meeting to finalise proposed actuarial ordinance

Staff Correspondent: The Insurance Development and Regulatory Authority (IDRA) has moved a step closer to strengthening the country’s insurance framework by holding a consultation meeting to finalise the draft of the Proposed Actuarial Ordinance 2025.

The session took place on Monday (Nov. 10) at the authority’s headquarters in Dhaka, marking a key milestone toward professionalising actuarial practices in the country.

The meeting was presided over by IDRA Chairman Dr. M. Aslam Alam and attended by actuaries Dr. Mohammad Sohrab Uddin and Afrin Haque, along with representatives from the Bangladesh Insurance Association (BIA), the Bangladesh Insurance Forum (BIF), senior executives from the insurance industry and IDRA officials.

At the discussion, participants emphasised the need for a robust actuarial framework to ensure sustainable growth and fairness in the country’s insurance sector. The proposed ordinance seeks to address the longstanding shortage of qualified actuaries by establishing the Institute of Actuaries of Bangladesh- a professional body tasked with nurturing actuarial talent, setting ethical standards and promoting technical excellence.

The draft further proposes the formation of an Actuarial Board and an Actuarial Council, which will oversee registration, regulation and policy formulation for actuarial professionals. These bodies are expected to provide the institutional foundation necessary for maintaining global best practices, improving risk assessment and ensuring financial soundness across the industry.