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The cabinet Sunday approved an ordinance with scope to form an Insurance Regulatory Authority for a three-year term, a government spokesman said.

The Insurance Regulatory Authority Ordinance 2008 has been approved at a meeting of the cabinet at the Chief Adviser's Office, chaired by interim leader Fakhruddin Ahmed.

Under the new ordinance, the term "general insurance" will be changed to non-life insurance, the CA's press secretary Syed Fahim Munaim told reporters after the meeting.

"The term 'life insurance' remains the same."

The cabinet also approved Insurance Ordinance 2008 and Insurance Corporation's (Amendment) Ordinance 2008.

The Insurance Regulatory Authority will be tasked with supervising the activities of both life and 'non-life' insurers.

The regulator will consist of five members, Munaim said.

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jamal M A Naser  - INsuravce Act 1938 vs Insurance regulation 2008 |2008-08-07 10:58:30 1. What are the basic changes in insurance Act 1938 and Insurance rule 1958 with new insurance regulation. It needs to be published to the public. 2. Insurance pricing and commission system in life insurance companies now runnig with inconsistence including ALICO. Has there any ground work regarding this. Specially company to company price difference. 3. Takaful and Convensional insurance premium rate is significantly different with a same benefits for risk and little change mode in savings. Do have any guide line? 4. Which mortality rate should be observed by the convensional or takaful insurance. Who is going to made this type of mortality table because life insurance product is fully depend upon the interest rate and mortality table. Which is universal and using throughout the world. If answers are unknown then New Insurance Regulation may be a big cause of catastrope for the life insurance Industry. Even ministry may not be the cause for the remady. (There are millions of questions are waiting regarding life insurance operating error in company label or regulatory area or technical designer such as Actuary (Expert in Life insurance area)). 0   0

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