FID calls meetings on insurance reform as BIA seeks post-election schedule

Staff Correspondent: Bangladesh’s Financial Institutions Division (FID) has called two meetings on Monday to review draft legal changes intended to reshape the country’s insurance regulatory framework, even as the Bangladesh Insurance Association (BIA) formally requested that the discussion be held after the national poll.

According to notices issued on Sunday, the meetings will take place at the Insurance Development and Regulatory Authority (IDRA) conference room, chaired by FID Additional Secretary (Insurance and Capital Market Wing) Md. Saeed Qutub. Stakeholders have been asked to attend on time or send authorised representatives.

The first meeting, set for 11am, will examine IDRA’s draft ‘Insurer Resolution Ordinance, 2025.’ The proposed ordinance aims to make a structured mechanism to handle insurers in financial distress- aspiring to safeguard policyholders, manage risk and prevent instability in the wider market.

A second meeting at 2pm will focus on the draft amendments to the Insurance Act, 2010, which officials say are intended to modernise the law and strengthen governance, oversight and compliance in the sector.

Invitees include the Legislative and Parliamentary Affairs Division, IDRA, state-owned insurers Sadharan Bima Corporation and Jiban Bima Corporation, the Bangladesh Insurance Academy, BIA, the Bangladesh Insurance Forum and the Bangladesh Insurance Surveyors Association, along with FID officials.

In two separate letters to FID, BIA urged postponement, saying its President Sayeed Ahmed is outside Dhaka as an MP candidate for the 13th National Parliament Election-2026. The association said that the issues are too pivotal to proceed without senior industry leadership, warning that unsatisfactory participation could weaken consensus and complicate implementation of reform meant to bolster confidence in the insurance sector.