Page 52 - Insurance Times June 2023

REPORT

International Conference on ‘Reimagining Paradigm Shift in

Bangladesh Insurance Industry - Bridging the Protection Gap.

8th May, 2023, Dhaka

Organised by Birla Institute of Management Technology (BIMTECH) with
Bangladesh Insurance Association (BIA)

Media Partner: The Insurance Times, India

President of (BIA), and the Chief
Guest, Mr. Sheikh Mohammad Salim
Ullah, Secretary, Financial
Institutions Division, Ministry of
Finance, made valuable suggestions
on the development of the insurance
industry in Bangladesh, while
Mohammad Jainul Bari, Chairman,
Insurance Development and
Regulatory Authority (IDRA), was
present as a Special Guest, and Prof.
(Dr.) Abhijit K Chattoraj, Chartered
Insurer, Dean (SW&SS), Professor &
Chairperson, PGDM-IBM, BIMTECH,
was present as Guest of Honour.

The conference included four panel
discussions that addressed important
Prof. (Dr) Abhijit K.Chattoraj from BIMTECH addressing the inaugural session challenges in Bangladesh's insurance
business.
On May 8, 2023, the Bangladesh Insurance Association (BIA) The function of the regulator in the regulatory
and the Birla Institute of Management Technology environment was examined in the first panel discussion
(BIMTECH) jointly hosted a one-day conference titled which was moderated by Prof. (Dr) Abhijit K. Chattoraj
"Reimagining Paradigm Shift in Bangladesh Insurance from Birla Institute of Management Technology
Industry - Bridging the Protection Gap" in Dhaka. (BIMTECH).
Professional Advancement Bangladesh Ltd. (PABL), a According to the panellists, the insurance regulating
subsidiary of Green Delta Insurance, one of the leading non- authority should enact dynamic legislation that focus on the
life insurers in Bangladesh served as the conference's benefits of insurance firms. However, it has been observed
knowledge partner alongside Bangladesh Insurance that the majority of insurance companies operate under
Association (BIA). compliance-based laws with strict rules and regulations.
Academicians, high officials, experts, and leaders from Prof. (Dr.) Abhijit K. Chattoraj said, "Regulators should focus
various significant insurance businesses from Bangladesh, on principle-based regulations that provide a framework
India, Thailand and Nepal attended the day-long conference, within which insurance companies can operate rather than
which featured four panel discussions on themes vital to the compliance-based regulations where insurance companies
Bangladesh insurance industry. Mr. Sheikh Kabir Hossain, spend so much time complying with the laws that they don't

The Insurance Times June 2023 47