The paid up capital of the corporation is Tk 50 million fully subscribed by the government. The total number of insurers registered in Pakistan up to was 81, of which 40 were constituted or incorporated in Pakistan and the remaining 41 in other foreign countries. Of the 40 indigenous companies, 10 were registered in East Pakistan and 30 in West Pakistan. Ten of the 40 Pakistani companies were exclusively engaged in life insurance business, 21 in life and other business, and 9 in other business only.
Financial System in Bangladesh, Source: Reforms in financial sector over last few decades: Many countries of the world have undertaken reform measures for their financial sector sinces, though the motivation for reforms varies from country to country.
Reforms are initiated basically to improve the financial intermediation and ensure efficient allocation of financial resources and in ultimate analysis improve the competitiveness of the private sector and thereby promote investment and growth in the real sector.
The key targets of the financial sector reform program are: To bring about greater autonomy of the Central Bank. Strengthening the capabilities of the Central Bank to perform its enhanced responsibilities.
Strengthening prudential regulations and supervision.
To promote competition by creating level-playing fields. Strengthening the legal and judicial processes.
To improve the money and debt market condition membership of the board of directors; the roles and functions of the board and management were clarified and redefined. Audit committees EWS was introduced.
To strengthen the banking operation, minimum capital requirement was raised from Tk. Tight loan rescheduling conditions were introduced to stop ever greening of loans. Strict measures have been laid and enforced on loan loss provisioning.
The Core Risk Management guidelines on five major risks has been introduced by Bangladesh Bank credit, foreign exchange and assets-liabilities risk management, internal control and compliance and anti-money laundering laying down policies, processes, procedures and structures that will lead to better governance and improved services.
Presently, Bangladesh Bank has a market determined Exchange rate authority in the monetary and exchange rate front. Floating of taka since June was achieved without encountering undue volatility.
Further reforms in simplifying and streamlining foreign exchange operations and payment system are in the pipeline. To avoid private sector crowding out, the annual volume of government borrowings from bank is limited and is now market based. Financial instruments like repo, reverse repo, five year and ten year bonds have been introduced.
Bangladesh Bank and Securities exchange commission agreed to allow government bonds to be traded in the stock exchange. A capacity building program has been initiated in the Bangladesh Bank.This research and study is intended for future researcher’s reference and insights of the importance of life Insurance in the Philippine Society.
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