BRPD Circular Letter No. 74: Commencement of Bancassurance

All scheduled banks operating in Bangladesh are authorized to commence the business of marketing and selling insurance products through insurance companies as 'corporate agents' effective Monday, December 12, 2023. This authorization is granted under Section 7(1)(l) of the Bank Company Act, 1991, with the approval of the Government of the People's Republic of Bangladesh. A copy of the relevant notification (BRPD(D-1)/UBIPS/761/2023-10722) dated December 12, 2023, is attached for information and necessary action.

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Bangladesh Bank
Chief Executive Office Motijheel, Dhaka-1000 Bangladesh. Ref No.: BRPD Banking Regulation and Policy Department BRPD Circular Letter No.-74 27 Agrahayan, 1430 Date: ------------------- December 12, 2023

Managing Director / Chief Executive Officer All Scheduled Banks operating in Bangladesh.

Dear Sir,

Subject: Bancassurance.

With a view to introducing Bancassurance through scheduled banks operating in Bangladesh, all scheduled banks may commence the business of marketing and selling insurance products through insurance companies as 'corporate agents' under the powers conferred by Section 7(1)(l) of the Bank Company Act, 1991, with the approval of the Government of the People's Republic of Bangladesh, effective from Monday, December 12, 2023. A copy of the notification No.-BRPD(D-1)/UBIPS/761/2023-10722 issued on December 12, 2023, regarding this matter is enclosed herewith for your information and necessary action.

Yours faithfully,

Enclosure: 01 (One)

(Mohammad Shahriar Siddique) Director (BRPD) Phone: 9530252

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Lineage: In force

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Source: Bangladesh Bank — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works