DHAKA: Two new insurance companies will start their operations in the country as finance minister Abul Maal Abdul Muhith has already recommended Insurance Development and Regulatory Authority (IDRA) to give them approval.

The upcoming insurance bodies, associated with foreign insurance companies, are LIC of Bangladesh and Taiyo Summit Life Insurance Company Limited.

LIC of Bangladesh is jointly owned by Pioneer Insurance Company of Bangladesh and Indian Life Insurance Corporation, on the other hand, Taiyo Summit Life Insurance Company Limited is allied with Japan’s Taiyo Life Insurance.

According to the finance ministry, Muhith had sent a letter to the IDRA authority on January 12.

In a response, on January 26, IDRA chairman M Shefaq Ahmed also replied to the finance minister saying that the two foreign companies are well reputed. The insurance companies will a play vital role in this industry, he hoped.

IDRA sources said that the companies will get their registrations if they follow the legal rules and conditions.

Besides, more insurance companies may get permission to run their business in the country by adapting the proper rules and regulations, the sources said.

BDST: 1804 HRS, JAN 29, 2015