Dhaka, Bangladesh (BBN) - The Bangladesh Insurance Association (BIA) has sought merchant banking licences from the securities regulator -- Securities and Exchange Commission (SEC) – to ensure larger participation of its members in the capital market.
Sheikh Kabir Hossain, president of the BIA, the apex trade promotional body of 60 privately-owned insurers, made the plea at a press briefing held at its city office on Monday.
Mr Kabir urged the SEC to introduce 10 percent quota system relating to all initial public offerings (IPOs), for the insurers in areas of mutual funds.
The BIA chief also urged the securities regulator to issue licences for the insurance companies to operate asset management companies that are needed for operations and management of mutual and unit funds.
He also said there is wide scope for introducing new insurance products for the Bangladeshi expatriates. "We want a mandatory insurance coverage for the Bangladeshi expatriates.”
They also requested the government to introduce agriculture insurance and develop micro insurance along with making the heavy and small industries insurance mandatory.
The BIA president also advocated for strengthening of the insurance academy.
Mr. Kabir also informed that they would organize a international seminar on "Agriculture and Micro Insurance Experience in Afro-Asian Region".
BBN/SSR/AD-25Dec12-11:25 am (BST)
