Changes will take place in life insurance

Life Insurance
Life Insurance

A huge change will take in life insurance in case of commission rate, actuarial problem, developed website& software to digitalize it. Two (2) more members are added with six (6)members to accelerate the changes. Insurance Development & Regulatory Authority (IDRA) confirmed this via issuing letters to life insurance companies. Source: IDRA & Committee members.Various irregularities were taken place in this industry. The main problems are commission in life insurance and commission base human resource, actuarial human resources and legal problem.Unavailability of rich website, server problem, not using updated software and unable to use a standard commission structure are also identified as problem.To solve this problem IDRA formed a committee. The committee was formed by 6members from various companies’ higher personnel’s and submits the recommendations to related authority. The first meeting held in IDRA building. Two more members also added with the committee. The members are Nizam Uddin Ahmed,Chairman, Meghna Life Insurance and Mahfuzur Rahman Mita, Chairman, Rupali Life Insurance. From Source, it is knows that,the industry was out of control from many years. As a result other financial and non financial organizations go ahead but this industry goes back without 2or 3 companies. To recover these losses the Insurance Regulatory Authority want to implement the Insurance Act-2012.