DHAKA, Insurance Bulletin: The Insurance Development and Regulatory Authority (IDRA) has requested a temporary suspension of the processing of the proposed amendments to the Insurance Act-2010 and the IDRA Act-2010, alongside the draft of the Insurer's Resolution Ordinance. The regulatory body cited the need for further review and refinement as the primary reason for this decision.
The formal request was conveyed in a letter addressed to the Secretary of the Financial Institutions Division (FID) under the Ministry of Finance on Tuesday (July 14). The letter was signed by Md. Badiuzzaman, Director of the Law Division at IDRA.
According to relevant sources, the drafts for the amendments to the Insurance Act-2010 and the IDRA Act-2010, as well as the Insurer's Resolution Ordinance-2026, had already been prepared and submitted to the FID. However, considering the current industry context, authorities felt a pressing need for further evaluation and modification to ensure the drafts are more precise, flawless, and time-befitting.
Consequently, IDRA has officially requested the insurance wing of the Ministry to halt any administrative or legal proceedings regarding these specific drafts for the time being.
Earlier, on January 19, the Financial Institutions Division (FID) had scheduled two separate meetings at the IDRA headquarters to review the draft amendment of the Insurance Act-2010 and the proposed Insurer's Resolution Ordinance-2025. However, the Bangladesh Insurance Association (BIA), the platform representing insurance company owners, requested that the meetings be postponed until after the national elections.
