Insurance Development and Regulatory Authority

The regulator is prioritizing the settlement of Tk7,000 crore in outstanding claims while transitioning to a real-time digital regulatory framework.

IDRA was constituted on 26 January 2011 under the Insurance Development and Regulatory Authority Act 2010 (Act No. 12 of 2010) and the companion Insurance Act 2010 (Act No. 13 of 2010), both enacted 18 March 2010; established_year reflects the actual constitution date (2011), not the enactment of enabling legislation (2010). It is a statutory autonomous body under the administrative jurisdiction of the Financial Institutions Division, Ministry of Finance. The sector has 36 life insurance companies and 46 non-life (general) insurers as at 2024-25. Premium data (2024): life Tk 12,266 crore, non-life Tk 6,502 crore, total Tk 18,768 crore (source: IDRA/The Daily Star, January 2025); penetration 0.50% of GDP. The chairmanship vacancy is the most significant governance event in the 90-day window: Dr. M. Aslam Alam (former Senior Secretary, appointed September 2024 on a contractual three-year term) resigned 2 March 2026; the IDRA Amendment Act passed 30 April 2026 removed the age-67 ceiling to clear the path for a replacement, but no successor had been gazetted as of 17 May 2026. Padma Islami Life figures (Tk 272 crore life-fund deficit, Tk 230 crore outstanding claims, 4.49% payment rate) are from audited IDRA/TBS News data attributed to the period ending mid-2025; S Alam Group's management since 2018 is cited as the primary cause of the deterioration. SBC reinsurance data (Tk 14 billion owed to insurers as at December 2024, 19-document claim requirement) is from IDRA-reported figures cited in Insurance Business Magazine and TBS News. The Insurer Resolution Ordinance 2025 was finalised by IDRA and submitted to FID but had not been gazetted as of May 2026; the parallel Insurance Act 2010 and IDRA Act amendment was stalled pending industry owner feedback as of late 2025. All data points verified against 2+ primary sources.