important facts about whether Postal Life Insurance is Official

 

important facts about whether Postal Life Insurance is Official

Here are some important facts about whether postal life insurance is official:

General Insurance Corporation

Government of the People's Republic of Bangladesh

Sadharan Bima Corporation is the only state general insurance company which is run directly under the direct control and supervision of the Ministry of Finance, Government of the People's Republic of Bangladesh. It was formed on 14 May 1983 under the Insurance Corporation Act 1973 (Act No. 6) to conduct all types of general insurance and reinsurance business in Bangladesh.

From then until 1984, the General Insurance Corporation was the only insurance company in the general insurance business. In 1974, the Government of Bangladesh granted approval to privately owned insurance companies and to that end promulgated the Insurance Corporation Ordinance (Amended) 1974.

General Insurance Corporation is founded on a strong economic foundation. Holds a 20% premium share of the insurance market in Bangladesh. General Insurance Corporation is the largest insurance company in the country. Its authorized capital is Rs.1000 crore, paid up capital is Rs.500 crore. In the last financial year, its total direct premium income was around Tk 351.92 crore and total reinsurance premium income was around Tk 692.30 crore.

Some of the features mentioned below prove the strong economic base of a general insurance corporation.

For example, it is a government institution, strong financial base due to its own assets of General Insurance Corporation, the only reinsurance company in Bangladesh, wide network of offices, highly trained and skilled manpower, large amount of investable funds, lots of real estate in Dhaka, Chittagong, Khulna, Rajshahi and Sylhet . The multi-storey general insurance tower is the only car park in the heart of the capital.

General Insurance Corporation is a sponsored shareholder of Investment Corporation Bangladesh, Industrial Development Corporation and Leasing Company, National Tea Company Limited, National Housing Finance and Investment Limited, Aramit Limited, National Savings Bureau.

General Insurance Corporation works for the greater economic prosperity of all by prudently adopting all sorts of procedures. Not only in this case, the General Insurance Corporation has established itself as one of the few major taxpayers in the industrial and commercial sectors of the country.

General Insurance Corporation operates as the proprietor of 50% of the government business in Bangladesh. The Insurance Corporation Act (as amended) 1990 stipulates that 50% of all insurance business relating to all government property or any risk or liability arising from government property must be compulsorily insured with the General Insurance Corporation and the remaining 50% of such business. If you want, you can do it in general insurance corporation or any local or foreign organization. Due to some practical reasons and an agreement with the Bangladesh Insurance Association, the general insurance corporation is responsible for 100% of the government insurance business and under the national co-insurance scheme, 50% of the insurance business dividend is distributed equally among the 45 privately owned general insurance companies in Bangladesh.

In the case of reinsurance business, the law stipulates that 50% of the company's reinsurance business must be compulsorily done with the general insurance corporation and the remaining 50% can be done with the general insurance corporation if the company so desires or with any domestic or foreign insurer.

The insurance and reinsurance business is a key pillar of the general insurance corporation. General Insurance Corporation is the largest non-life insurance liability company in Bangladesh due to its total premium income, extensive office network and skilled manpower. The General Insurance Corporation also reinsures the risks of the individuals conducting insurance business in Bangladesh.

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