The
newly enacted insurance law cannot be implemented since there are no
specific rules and regulations in place as yet to apply such law, opined
finance minister AMA Muhith.“As the insurance law made it mandatory to formulate the rules and regulations in this regard, the Insurance Development and Control Authority cannot work as rules and regulations are not yet formulated as per law,” he categorically said Wednesday.
The finance minister was talking to journalists after holding a meeting with the insurance development and control authority at his secretariat office.
Talking to the reporters the finance minister said, “The insurance authorities has so far formulated a total of 14 rules and regulations and, of them, only nine have so far been sent to the ministry for checking purpose.”
He added: “The authorities have also been asked to send the rest five rules and regulations to the ministry as soon as possible.”
About new license for insurance companies Muhith said, “The insurance authority has been asked to prepare a format in this regard.”
Chairman of the Insurance Development and Control Authority Shefaq Ahmed was also present at the meeting.