IDRA is the statutory regulatory body for the insurance sector established under Insurance Development and Regulatory Authority Act, 2010 under the Financial Institutions Division,Ministry ofFinance. Mandate: Promote, regulate & ensure orderly growth of the insurance industry.

Current Statistics

IDRA Core Functions:

Functions and duties of Insurance Development and Regulatory Authority(Section 15 of Insurance Development and Regulatory Authority Act 2010)

The functions and duties of the Authority shall be the following, namely:

1. to regulate organizations connected with the insurance and re-insurance business;
2. to promote the development of insurance industry in Bangladesh and advise Government in all respects for the development of this industry;
3. to promote the development of training centers connected with insurance industry to improve the quality of insurance and re-insurance services in Bangladesh.
4. to organize seminar, workshop, conference etc. on insurance matters to build up public awareness;
5. to register and certify the insurer, re-insurer and intermediary and renew, modify, withdraw, suspend or cancel such registration;
6. to lay down code of conduct and guidelines for training and instruction manuals for intermediaries, insurance and re-insurance intermediaries and agents;
7. to issue license to surveyors and renew, modify, withdraw, suspend or cancel such license;
8. to protect the interest of the policy-holders, beneficiaries of insurance policies, insurers and re-insurers in matters connected with nomination by insurance policy-holders, insurable interest, surrender value of life insurance policies and other terms and conditions of insurance;
9. to collect fees and other dues and assess fine, with the prior approval of the Government for carrying out the purposes of this Act;
10. to conduct inspection, investigation and enquiry including audit of the insurers, re-insurers, intermediaries, insurance intermediaries and other organizations connected with the insurance and re-insurance business and collect information from them;
11. to specify the sample books of accounts to be used and the manner in which accounts are to be maintained and the form in which statement of accounts shall be rendered by insurers and insurance intermediaries;
12. to specify the form and manner in which actuarial reports and abstracts shall be prepared;
13. to regulate and maintain solvency margin for repayment of debts by insurance and re-insurance companies;
14. to establish and regulate funds for the protection of policyholders;
15. to regulate funds and investment of insurance and re-insurance companies;
16. to adjudicate disputes between insurers, intermediaries and insurance intermediaries;
17. to undertake measures for the establishment of a separate branch office to deal with the affairs of disposal of complaints relating to insurance industry;
18. to form Central Rating Committee for determination and regulation of the rates, benefits, terms and conditions that may be offered by non-life insurance business and determine the powers, functions and management of such Central Rating Committee;
19. to specify the proportion of business to be undertaken by the insurer in the rural and social sector of both life and non-life insurance;
20. to prepare annual report on all the activities and submit it to the Government;
21. to perform all ancillary functions for carrying out the purposes of this Act, and other functions that are supplementary and relevant to the functions mentioned above; and
22. to purchase any property and investment in approved sectors for the Authority, subject to the prior approval of the Government.

Vision:

Ensuring social and economic security as one of the human rights by tackling the economic risk of life, health and assets with the help of bringing up general public under the coverage of insurance step by step.

Mission:

To bring the hundred percent insurance coverage of risk of asset and life of the country.

IDRA is the sole regulator of insurance sector in Bangladesh.

Contact Info:

Insurance Development and Regulatory Authority (IDRA)
SBC (8th Floor), 37/A Dilkusha C/A, Dhaka – 1000
Phone: +02-41051381-84
Visit IDRA Website: www.idra.org.bd