Consistent with the privatisation policy the world over, the Government of Bangladesh took a decision in 1984 to allow operation of insurance companies in the private sector side by side with state-owned Sadharan Bima Corporation and Jiban Bima Corporation. As a result, a number of companies in the private sector came into being in 1985 and the necessity of forming an Association was keenly felt. The representatives of the private insurance companies at a meeting held in early 1985 decided that an Association should be formed with all the companies, both life and non-life, as members.
Following the decision, Bangladesh Insurance Association was formed under the companies' Act 1913 and registered with the Registrar of Joint Stock Companies on 25th April 1988 with 13 insurance companies, including 3 in life, operating at that time in the private sector in the country as members. The total number of members stands now at 60 (43 general and 17 life).
The objectives for which the Association has been formed are to promote, support and protect the interests and welfare of the member companies, to help develop the healthy growth of insurance business in the country, to act on behalf of its members both collectively and individually in any matter affecting their interest, to issue tariffs and regulate rating of risks, to approach the government from time to time to take such steps as may be deemed expedient in the interests of the insurance industry as a whole, to provide facilities to enable persons engaged in insurance to acquire higher skill and to cultivate internationally recognized legal and ethical practices in the conduct of insurance business.
The Association is run by an Executive Committee consisting of 15 members (10 general and 5 life) including 1 Chairman & 1 Vice-Chairman. The Association has 6 Sub-Committees namely a) Disciplinary Sub-Committee, b) Life Sub-Committee, c) Re-insurance Sub-Committee, d) Research Development and Training Sub-Committee, e) Technical Sub-Committee and f) Publicity Sub-Committee to assist the Executive Committee as and when necessary. The Secretary General is the Chief Executive of the Association and in performing his duties he is assisted by other well trained officers and staff.
The Bangladesh Insurance Association has been ceaselessly working for the promotion of the insurance industry and to protect the interests of the member companies since its inception. The problems from time to time are discussed in the meetings of the Executive Committee and various Sub-Committees, and whenever necessary these are taken up with the Government and appropriate authorities to resolve the issues.
Bangladesh Insurance Association is the member of the different bodies, such as the Federation of the Bangladesh Chamber of Commerce & Industry (FBCCI), International Chamber of Commerce-Bangladesh (ICCB), Bangladesh Employer's Federation.
BIA Chairman represents BIA in different bodies like Dhaka Stock Exchange, Federation of Bangladesh Chamber of Commerce & Industry (FBCCI), International Chamber of Commerce-Bangladesh (ICCB) and Bangladesh Insurance Academy.
BIA organizes in house training programmes for the officers of the member companies both Basic & Short Courses to augment the working knowledge of the officers working in the desk. BIA also organizes seminars on important current issues for growing insurance awareness among the People.
Bangladesh Insurance Association signed a memorandum of Understanding (MOU) with Malaysian Insurance Institute (MII). This is the first step by the BIA in its endauvour to train up officers in technical education of world class standard.
BIA activities are not limited to any issue or arising out of the situation from time to time. It rather takes up the matter as and when necessary spontaneously to solve the problems and to streamline for smooth running of the Insurance Industry.
BIA needs to organize training/Seminar/symposium/meetings for which no proper place is available as such it has become extremely necessary to have its own land for erecting building to accommodate the need of the situation.