Bangladesh Insurance Academy will be transformed into the “Bangabandhu Insurance Institute“, which will operate on an international basis. To formulate a self-contained proposal in this regard, the government formed a five-member committee. A notification in this regard has been issued by the order of the President on November 10, 2021.
By the way, there are the following professional bodies in Bangladesh:
- Institute of Chartered Accountants of Bangladesh,
- Institute of Cost and Management Accountants of Bangladesh,
- Institute of Chartered Secretaries of Bangladesh
- Bangladesh Institute of Capital Market
Unfortunately there is no such institute for insurance professionals. So, the establishment of Bangabandhu Insurance Institute (BII) will be a milestone for the insurance sector in Bangladesh.
As outlined below, the committee has four responsibilities: to suggest a way to turn Bangladesh Insurance Academy into an international standard Bangabandhu Insurance Institute; Verification or review of the proposal by the Insurance Development and Regulatory Authority to convert Bangladesh Insurance Academy into an Institute;
Detailed discussions with all parties involved, and submission to Financial Institutions Department of a final report, along with recommendations for policy and implementation as well as a specific proposal. Regardless of whether the order is operational or not, it shall be effective immediately.
The chairman of the Insurance Development and Regulatory Authority. M Mosharraf Hossain has been named as the committee’s convener. We believe that our Chairman sir will be playing his best role to establish this long cherished institute in the country.
A member secretary has been named as the Director of Bangladesh Insurance Academy. The other members of the committee are the President of the Bangladesh Insurance Association, the Managing Director of the Life Insurance Corporation and the Managing Director of the General Insurance Corporation.
The Bangabandhu Insurance Institute (BII) has been introducing Bangabandhu Fellowship in the insurance sector so there can be ample scope for development of the professionalism for insurance executives.
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