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Insurance costs 44 million illegal Express

Insurance costs 44 million illegal Express...

44 crore 60 lakh in the name of the management of the private sector has shown an expense insurance Express Insurance Company Limited. In particular to look into irregularities in the company's audit firm (special audit firm) decided hiring Insurance Development and Regulatory Authority (IDRA). IDRA biyasati reliable sources confirmed the matter. Sources say the information is in the company's board of directors and management costs assigned to the department more than the amount of money that has been spent. After receiving the complaint at the latest board meeting of the Authority has decided to appoint the audit firm. According to sources, between 015 to 009 Express Insurance management has spent 85 crore 16 lakh. According to the rules, the management of an organization can spend a maximum of 40 crore 5 lakh. As the 44 million to 60 million over the past seven years the company has spent illegally. 63 Section 010 of the Insurance Act and violation of the Insurance Rules -1958. Officials of the illegal expenditure of 009 million 93 million, 3 million, 35 010 million, 011 million, 4 million of 7, 5 million to 55 million in 01, 013, 8 million to 38 million, 10 million to 60 million in 014 and 015 the company has more money to spend in the 10 million to 70 million. The company's audit firm investment, loan, advance, fixed and other assets, vehicles, land and buildings, cash, tax and VAT, the amount sammani chairman and directors and other company benefits from its paryalocanasaha income, expenditure and assets will look into the issues. Soon, the company's managing director (MD) and the Chairman of the guidance will be sent to the source confirmed. Zuber Ahmed Khan told a member of the Authority, as well as the general insurance sector and the life insurance company's financial reports are reviewed by a number of new rules insyurensasaha costs were excluded. "Due to cost more money than the amount set by law, the company's ability to pay insurance claims decreased. As well as the share holders are deprived of the dues. Excluding the cost of the company, find out the rules of the company auditor will be appointed. " He said he will take legal action against those responsible. When contacted, the Managing Director of Express Insurance Saidur Rahman declined to comment. However, he said, "IDRA 44 crore more than the cost of the treatment have been spent." ...

Life of Homeland illegal expenditure of 48 million, the auditors appointed

Life of Homeland illegal expenditure of 48 million, the auditors appointed...

48 crore 80 lakh has been spent on the management of the insurance sector in the Department of Homeland illegal Life Insurance Company Limited. The money earned from illegal unhappy customer management cost whether or not there are other irregularities and corruption, to investigate the audit firm (audit firm) has been appointed the Insurance Development and Regulatory Authority (IDRA). According to sources, Homeland Life 01, 013, and 014 is assigned Authority will audit business audit firm figure Nurul Hasan Farooq & Company. The company's cost of additional management, investment, premium income, the policy lapse, the facts of life and property of the Fund will be scrutinized. Meanwhile, the company's 48 million to 80 million illegal aidiaraera as well as the issue of the cost of the Anti-Corruption Commission (ACC). ACC investigation against the company's operating committee. It is alleged to aidiaraera, until a total of 7 009 015 years since the first year premium income of more than Rs 48 crore compared to the management of fixed costs, the company has more than 80 lakh. -1958 In accordance with Rule 39 of the Rules of insurance for the first year of business management expenditure ceiling has been fixed at 90 per cent. But the company determined the range of 10 to 011 million more than Rs 74 lakh, Rs 74 lakh crore in 01 4, 6 crore 68 lakh in 013, 014 and 015 in 6 crore 68 lakh has spent more than 4 billion worth 6 million. Which is a violation of the rules 39 of the Insurance Rules -1958. Earlier, due to irregularities in the Padma, progress, Meghna, Sunflower and National Life insyurensasaha against a total of six special auditor (audit) employ Authority. The report audit institutions plunge image comes up against hundreds of crores of subscribers. The new audit firm has been appointed to investigate irregularities in the organization of the six. Aidiaraera Zuber Ahmed Khan, a member of the company's financial report beyond the cost of the procedure was found. Necessary measures will be taken at the end of the investigation. Homeland Life Managing Director (MD) Azizul Islam Talukder said, "than the previous rules has been spending more than Rs 48 crore. However, the plan to reduce costs in the future. Hopefully, it can be implemented. "   ...

Family Tex increase authorized capital

Family Tex increase authorized capital...

Family Tex textile company listed on the stock market (BD) Limited, the authorized capital of Rs 400 crore decided. Dhaka Stock Exchange (DSE) sources said. According to sources, the company has an authorized capital of Rs 310 crore. With 90 million expansion project to increase the company's Board of Directors decided to Rs 400 crore. Special Annual General Meeting (EGM) of shareholders in compliance with the company will be able to raise capital. The Board of Directors of the Company in the last 18 months (January, June 30, from 015, to 016) 5 per cent of the bonus dividend declared for the investors. During this period, the company's earnings per share (EPS) 8 paise. Featured asset value per share of the company at 13 rupees 68 paise. However, the company's annual general meeting (EGM) will be held on December 31. The record date has been fixed on December 1 this year. The 'A' category of the 013 companies are listed on the stock market.   ...

Bank officials point to identify the original notes

Bank officials point to identify the original notes...

Karmarata all commercial banks in the country, officials / employees' way to recognize the real banknotes, the central bank has asked to teach. On Thursday, the central bank's currency management department has issued a circular in this regard. Instruction has been sent to the chief executives of all scheduled banks. According to the circular, the original concept of the security features of bank notes to the bank's annual training program, the way to recognize the real bank notes, "is the direct inclusion. Related departments to take necessary steps in this regard must be informed. However, banks only those who worked in the cache has the necessary knowledge of bank notes. But like the rest of us do not know much about it. Therefore, banks have been asked to include the issue in the manual training program. So that all officials know about the security features of banknotes. ...

Bank wants to be the country's top private bank

Bank wants to be the country's top private bank...

In the next 5 years, the country's top private sector bank wants to be a bank. The bank is preparing necessary to achieve the goal. Informal interaction with reporters on Wednesday, the bank's managing director, Selim RF Hussain told this dream. Selim RF Hussain said the surplus liquidity of the banking sector is a major problem. Increasing the amount of bank deposits, the proportion of loans and advances is not increasing. But in this case the bank has exceptional position. Bank loans increased by 30 percent over the past year. And the large number of small and medium enterprises (SME) sector. Managing Director of BRAC Bank, said his bank has a special focus on the SME sector. More than 3 billion portfolio of loans in this sector. He said SME loans require intensive monitoring. For this reason, the cost of fund management sector more than other loans. Because of the interest on deposits and loans logical gap (spread) is a little higher. Its bank credit spreads between one to two percent. But the spread of the SME sector as the overall rate of spread increases. Selim RF Hussain highlighted some of the success of the first year of his term. He said that during his tenure the bank's share price was around Rs 40. The share price of 68 rupees. Because of its impact on the performance of the bank's shares at a price. He said the banking sector is the second highest market capitalization of companies in the bank. Therefore, their position after the Islamic Bank. Many large banks Islamic banks. Many of the branch. However, only 10/1 percent of the market capitalization in the interval. Go Away next three or four years will be the difference. The Bank will promote itself as the country's top bank   ...

Islami Bank Bangladesh Limited was honored with the top taxpayer

Islami Bank Bangladesh Limited was honored with the top taxpayer...

Thursday rarajadhanira National Revenue at the ceremony organized by the taxpayer in the bank, Finance Minister AMA Muhith Mohammad Abdul Mannan, Managing Director and Chief Executive Officer handed over the crests and tax card. Industries Minister Amir Hossain Amu, National Board of Revenue chairman. Najibura Rahman and was a member of. Abdur Razzak, among others, were present. Islamic banks as well as the country's top bank so far has provided revenue to the national exchequer Rs 10 crore. ...

Bangladeshi scheme will train insurance practitioners

Bangladeshi scheme will train insurance practitioners...

Bangladeshi nationals who want to become insurance practitioners can now receive professional education through two recently established private academic institutions. The Academy of Learning and the Bangladesh Institute for Professional Development have been set up to provide professional education to insurance practitioners. The activities of the two institutions have been approved by the Insurance Development and Regulatory Authority (IDRA), which will also oversee the operations of the two institutions. The two centres will provide training to insurance agents and their employers. The country’s insurance sector has been lagging behind in the supply of efficient manpower that is capable of facing the challenges of competitive local and global markets. ...

World Bank eyes insurance investment in Bangladesh

World Bank eyes insurance investment in Bangladesh...

The World Bank is reportedly planning to invest in the insurance industry of Bangladesh to strengthen the sector and enhance its capacity. The insurance industry is one of the country’s key financial sectors although it has not grown to its potential. The World Bank, which approved US$300m for financial sector projects last June, is planning to invest US$80m for the insurance sector in Bangladesh for a period of 30 years. Among the projects that the World Bank is keen on financing are the development of the Bangladesh Insurance Academy at Mohakhali; the finalisation and execution of rules and regulations of the Insurance Act of 2010, and the full execution of the Insurance Development and Regulatory Authority. Officials told the Financial Express that the World Bank fund is meant to strengthen the country’s insurance sector by providing long-term funds for enhancing its capacity. ...

Bangladesh eyes insurance for 21 million public servants

Bangladesh eyes insurance for 21 million public servants...

The Bangladesh government has announced plans to provide 2.1 million public servants with life and health insurance starting from the next fiscal year. Banking secretary M Aslam Alam was quoted as saying that meetings with stakeholders have already been held with regards to the introduction of an insurance package for the country’s civil servants. Alam stressed that it was difficult to introduce the new insurance system for all government workers. The policy also needed more time for examination before its implementation, he added. Based on the results of the meeting of the government’s bank and financial institutions division last week, the Insurance Development and Control Authorities, Jiban Bima Corporation, Sadharan Bima Corporation, Bangladesh Insurance Association and Bangladesh Insurance Academy will all submit proposals regarding the insurance package to the banking division, which will then finalise a proposal based on feedback from the finance division. Alam was hopeful that the new insurance package will reduce the incidents of corruption among public servants in the country. ...

Bangladesh cancels insurance licence for first time

Bangladesh cancels insurance licence for first time...

For the first time in the history of Bangladesh’s insurance sector, an insurance company has lost its operating licence for failing to comply with the mandatory reinsurance regulation. The Insurance Development and Regulatory Authority (IDRA) has cancelled the operating licence of Standard Insurance after the insurer failed to satisfactorily explain why it failed to comply with mandatory reinsurance of its three policies worth Tk463 million (US$5.95 million). The insurer was first placed on a three-month suspension in early June but the suspension was increased by two more months. On Monday, however, IDRA had withdrawn the licence of Standard Insurance, which means that the company will never be able to do insurance business in Bangladesh. The non-life insurance company had been listed on the local bourse since 2008. Sources at IDRA said that the insurance company failed to satisfactorily explain to regulators about its facultative reinsurance. ...

Prudential expresses interest in Bangladesh

Prudential expresses interest in Bangladesh...

Prudential has recently visited Bangladesh to explore business opportunities in the country. According to M Shefaque Ahmed, chairman of the Insurance Development and Regulatory Authority (IDRA) of Bangladesh, Prudential has expressed interest in Bangladesh and the IDRA will write to the insurer next week to ask for further talks. Ahmed was quoted as saying that Prudential’s entry into Bangladesh will benefit the overall insurance industry of the country. IDRA is offering a 58% controlling stake in a proposed insurance joint venture that will have a minimum paid-up capital of Tk1 billion (US$13 million). Bangladesh currently has 32 life insurance companies, but insurance penetration remains one of the lowest in the world, with just 0.7% of gross domestic product. ...

Bangladesh restricts Metlife from sending profits to US

Bangladesh restricts Metlife from sending profits to US...

The Insurance Development and Regulatory Authority (IDRA) of Bangladesh has reportedly stopped insurance firm MetLife from repatriating its profits to the United States, according to a report. Allegedly, IDRA has refused to issue a permit for MetLife to send its profits to its headquarters in the US in the interest of MetLife policy holders in Bangladesh. The report also quoted MetLife regional senior vice president Nurul Islam as saying that the insurer received two letters from IDRA and is currently reviewing the matter. The report added that IDRA had asked MetLife to keep Tk1.86 billion (US$24 million) of its profits in 2013 and 2014 in Bangladesh and repatriate just Tk330 million to the US. ...

Bangladesh orders MetLife to raise capital by almost 500%

Bangladesh orders MetLife to raise capital by almost 500%...

MetLife Bangladesh will have to raise its paid-up capital by almost five times to Tk3.5 billion (US$44.6 million), under instructions from the Insurance Development and Regulatory Authority (IDRA), according to a report. The regulator has instructed MetLife Bangladesh, which currently has paid-up capital of Tk720 million, to raise its paid-up capital as part of efforts to safeguard the interests of policyholders. MetLife Bangladesh has close to one million insured members and more than 12,000 agents. IDRA chairman Shefaque Ahmed was quoted as saying that the regulator arrived at the figure using its new solvency margin rules. IDRA has also instructed MetLife Bangladesh to show its increased paid-up capital in its 2015 accounts. MetLife has been active in Bangladesh since 1952 with a market share of more than one-quarter of the industry’s total industry’s premium. ...

Prudential, Taiyo pull out from Bangladesh entry

Prudential, Taiyo pull out from Bangladesh entry...

Prudential and Taiyo have not contacted the Bangladeshi insurance regulator for some months, leading it to believe that they are now withdrawing from their plan to invest more into the saturated, but underdeveloped domestic market. Shefaque Ahmed, chairman of Bangladesh’s Insurance Development and Regulatory Authority, revealed that neither UK-based Prudential nor Japan-based Taiyo has had any communication with it in recent months. According to Ahmed, Taiyo may have withdrawn its plan because it was not allowed by the regulator to revise its current stakes in its local venture Taiyo Summit Life. In the case of Prudential, Ahmed said it has not contacted him for the past four months amid concerns about terrorist activities. At present, the Bangladesh insurance market is oversaturated with 74 companies, 42 of which are non-life and 32 are life companies. Still, the market is considered as having potential as it is very underdeveloped and poorly regulated. In 2010, an insurance law was passed to facilitate the entry of foreign insurers so that it could draw on their knowledge and technical know-how. ...

 Insurer RSA gets a Brexit sterling boost

Insurer RSA gets a Brexit sterling boost...

The insurer RSA has reported a boost from the plunging pound, which has flattered its results around the world as it continues to restructure its business. RSA, which makes two-thirds of its profits outside the UK, said the post-Brexit weakness in sterling was lifting its overseas earnings. "Brexit provides us an attractive tailwind from overseas earnings translation, in the context of an otherwise challenging environment,” said chief executive Stephen Hester. The pound has fallen between 5pc and 9pc over the past nine months against the Canadian dollar, euro and Swedish and Danish krone from which RSA derives its income. Most of this decline came after the EU referendum on June 23.  Net premiums at the insurer were £4.8bn in the three months to the end of September, or 5pc lower than last year, owing to disposals in Brazil, India, Colombia and Italy that have shrunk the business over the past two years. The remaining “core” business posted a 6pc rise in net premiums. British sales were “slightly down” on last year as RSA withdrew from brokered car insurance, although telematic insurance, which tracks the driver’s movements, gained in popularity. “What’s possibly more important than the narrow details of the update is that RSA today is in a very good place compared to where it was historically and even as recently as a year ago,” said Mr Hester. “Instead of a company that’s being turned around, it’s a company that’s en route to being best in class. In an industry that’s generally flat, our results have been rising nicely.”   The group is exploring options for a £1bn portfolio of insurance covering industrial risks such as asbestos, dating as far back as the 1950s, and Mr Hester said he aims to have a decision in time for RSA’s full-year results. RSA was the subject of a £5.6bn takeover approach last year from Swiss competitor Zurich, which gave up its pursuit in September 2015 after encountering problems in its own business. Since then, shares in RSA have increased from  around 400p to 546p. The FTSE 100 firm said the squeeze in corporate bond values compared to risk-free sovereign debt, known as the spread, had knocked its capital levels under the new Solvency II rules. Its capital ratio fell from 158pc in June to 151pc, although this was still at the high end of its target. ...

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