Sadharan Bima Corporation is the only stated-run insurance and reinsurance company in Bangladesh. It has greet function in the development of the economy. The life insurance corporation has different functions of Jibon Bima Corporation.
Major functions of Sadharan Bima Corporation
We can commonly categorize the different functions of SBC and in the below paragraph, we will refer to the major function based on the citizen charter (Bangla document) of SBC.
INSURANCE SERVICE OF SBC
- Timely circulation of recruitment circulars and verification of applications received to fill vacancies with suitable candidates
- Providing information in accordance with the Right to Information Act
- Issue of insurance policy/cover note/certificate
- Special Underwriting
- Export Credit Guarantee (ECG) Scheme Issuance and payment of claims
- Payment of claims
- Buying and selling of share in the stocks markets
REINSURANCE SERVCIE OF SBC
- Issue of reinsurance cover notes/certificates
- Fire reinsurance
- Marine reinsurance
- Miscellaneous reinsurance
- Aviation reinsurance
- Engineering reinsurance
INSTITUTIONAL SERVICE OF SBC
- Provide information to various ministries, IDRA, Bangladesh Bank and other institutions
- Nominating representatives to various committees of the government
- Corporate social responsibilities
- Providing corporate training
- Car parking facilities to the corporation
INTERNAL SERVICE OF SBC
- Meetings of the Board of Directors and meetings of committees constituted by the Board of Directors
- Organizing various committee meetings
- Auditing all Divisions and Zonal Offices at Head Office, issuing broadsheet replies to audit objections of C&AG and organizing bi-partite and tri-partite meetings
- Transfer and posting of officers/employees
- Grant of earned/educational/maternity/medical/rest and recreation leave to officers/employees
- Taking measures for publicity and advertising
- Advance sanction of General Provident Fund
- Granting advance for land purchase/house construction/repair to officers and employees
- Advance sanction of motor cycle to officers and employees
- Grant of encashment in lieu of post-retirement leave (PRL)/ pension/ gratuity/ accrued leave to officers and employees
- Investment
- Allocate budget to all departments and zonal offices of head office
- Annual Final Accounts
- Recruitment of manpower in outsourcing policies
- Education Allowance/Educational Scholarship for children of working officers/employees
- Determination of seniority/promotion of officers/employees
- Supply of all types of stationery and office equipment
- Allotment of car for office commuting to officers/employees
- Allowance of office and residential telephones
- Nomination of officers for participation in overseas training, seminars, workshops etc
- Employee’s grievance handling
To know more about Sadharan Bima Corporation and their other revival functions, you can read more.
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