Essay about Insurance Background

1404 Words Apr 15th, 2012 6 Pages
Background of insurance industry of bd
Insurance is not a new idea or proposition to the people of Bangladesh. About half a century back, during the British regime in the then India, some insurance companies started insurance business, particularly life, in this part of the world. Since 1947 until 1971 insurance business gained momentum in this part of what was then known as East Pakistan. There were about 49 companies transacting both life and general insurance business. These companies were operating under a free competitive economy.
After the emergence of the People’s Republic of Bangladesh in 1971, the government, in order to make available the fruit of liberation to the general mass, nationalized the insurance industry along with
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Company obtained the Certificate of Registration from the Chief Controller of
Insurance, Insurance department on 30th April 2000 with the authorized capital of
Tk 10,00,00,000 (Ten Crore) consisting of 10,00,000 ordinary shares of Tk 100 each.
The sponsors/subscribers have already contributed to the paid up capital of Tk
3,00,00,000 (Three Crore) as required by the Insurance Act, 1938 and Rules 1958.
In fulfillment of the conditions of the license issued by the Chief Controller of
Insurance, now the Company proposes to raise the paid up capital to Tk 7,50,00,000
(Seven Crore Fifty Lac) only by issuing 4,50,000 ordinary shares of Tk 100 each at an issue price of Tk. 245 including a premium of Tk. 145 per share totaling Tk.
11,02,50,000 by way of initial public offering. The company is engaged in life insurance business and has no subsidiary.
(b) The information in respect of its business operation: Since its establishment on
26th April 2000 as one of the leading life insurance companies in the private sector, the company has within a short span of time established itself as one of the most reputed and trustworthy life insurance companies in the country. Selective customer service, underwriting of liabilities and prompt settlement of claims have contributed towards building up a very respectable image of the company within the business community. Use of

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