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Change Your Life! |
Reform
program in the insurance sector |
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News |
April 20, 2000
Dhaka,
Apr 19 (UNB) – As the banking sector has been under reform, the
government plans to conduct a similar program in the insurance sector that
the concerned ministers and top officials said reeling under massive
irregularities and indiscipline. The
government’s reform plan was disclosed by Finance and Commerce Ministers
who accompanied by Foreign and Food Ministers joined the inaugural
function of a new private insurance company at a hotel here this
(Wednesday) morning. “Flaws
and indiscipline have engulfed the insurance sector. It needs reform. We
want to put the insurance system on a strong and modern base by reshaping
the sector,” Shah AMS Kibria told the opening function of Desh General
Insurance Company Ltd. The
Finance Minister said banking and insurance sectors can play a very
important role in the national economy by creating the flow of money.
“The sectors should be geared up through skilled management. The flaws
must go for the betterment of the sectors,” he said. About
the government’s strong position on the reform, he said many a persons
expressed their anger as the reform in the banking sector caused
difficulties to them. “But the government is committed to go ahead with
the reform program as it is being done in the interests of commoners.” Commerce
Minister Abdul Jalil emphasized the importance of bringing back
transparency in the insurance division. “The present government likes to
boost the insurance business in the country by introducing a pragmatic
policy for the sector,” he said. He
further mentioned the government’s determination to restore discipline
in the sector in a strong hand. He blasted the dishonest persons who
undermined the image of the industry by indulging in irregularities. The
function was also addressed by Foreign Minister Abdus Samad Azad, Food
Minister Amir Hossain Amu, Bangladesh Bank Governor M Farashuddin, Chief
Controller of Insurance Syed Tanvir Hossain and Desh Insurance MD AFM
Hasan Dastagir with company’s Chairman Firoza Hossain presiding. The
Chief Controller of Insurance also came up with serious allegation of
irregularities and indiscipline in the sector. “The insurance companies
don’t pay taxes regularly. The government is deprived of Tk 40 to 80
crore VAT because of them.” He
laid emphasis on amending the Company’s Act of 1913 for ensuring
discipline in the insurance sector. Food
Minister Amir Hossain Amu said the insurance companies should not keep
their business confined within urban and industrial areas. He called on
them to expand their business in rural areas too and involve greater
number of people, including farmers, in policies. Foreign
Minister Abdus Samad Azad, who said he came to just have a cup of tea,
emphasized stability and peaceful atmosphere in the country for a better
economy. “The foreign investors always see what is the condition of the
country where they want to invest. Local businessmen too prefer this.”
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