Kathmandu. The Finance Ministry of Bangladesh has tightened the rules and regulation for insurance agency training and license distribution. The Financial Institutions Unit under the Ministry of Finance has made public the new regulations regarding agency license by through Gazette to curb the tendency of irresponsibly distributing insurance agents’ licenses.
The regulations make it mandatory for insurance agents to have a minimum educational qualification of secondary level education and attend 72 hours of training. Apart from this, in order to obtain a life insurance agent’s license, one has to sell at least 11 insurance policies in a year and earn at least Tk 20,000 first premium. When applying for a certificate, they have to submit proof of tax submission against the agency commission.
Similarly, in case of non-life insurance agent’s license, at least Tk 1 lakh must be collected as the first premium in a year. Proof of tax payment against agency commission must be submitted along with the application for license. The validity of the license will be for three years.
The Finance Ministry aims to encourage professional agency with the implementation of the new rules and regulations for agency license distribution.