Jasim Uddin Haroon
The planned joint venture Summit Taiyo life insurance is to submit even the memorandum of articles and the IDRA, since investment proposal of life back is concerned Taiyo by Japan, which is a partnership with Summit Group of Bangladesh, under scanner of the controller to go home, said.
Ten other new insurers, which used to operate together with the Taiyo Summit licenses after submitting all required documents have already.
Taiyo Summit has the approval, but not the operating licence of the insurance development and regulatory authority (IDRA) due to the delay in the submission of the relevant documents.
The Taiyo life of Japan has permission from Bangladesh insurance controller - IDRA - a life insurance policy together with the Summit Group form on last July 04.
The IDRA consent sent letter in favor of the society earlier.
After the sending of the letter, the IDRA calls to provide memorandum items and associations. But it is still present and form a company.
The IDRA asked right before another 10 new insurance companies submit and they did accordingly.
Already, except the insurance company Taiyo Summit, 10 other insurance of the country have made the concerned according to rules and regulations.
The ten new insurance companies have also licenses by IDRA worked except the Taiyo-Summit.
M Shefaque Ahmed, Chairman of the Board of the IDRA, the FE said: "A delegation of Taiyo by Japan meets us two weeks back and informed us about the reason for the delay in the formation of the company."
"The team requires us to December can if she could get final approval of the regulatory authority in Japan after a review of their investment proposal."
Investment of life insurance is of vital importance, as most of the funds belong to the policyholders.
IDRA sources said this is the first step of the joint venture by Taiyo outside Japan.
"It seems to me that the Japanese regulatory authority shall consider all aspects before its final nod," Mr Ahmed said.
The Taiyo would like to invest TK 1.5 billion together with the Summit. But his entire paid-up capital is 2.5 billion or US$ 32,25 million TK.
TK 1.5 billion is 60 percent of TK 2.5 billion and the remaining TK. 1 billion for general shareholders are allocated on initial public offering (IPO).
Paid a minimum capital requirement is TK 300 million for the setting of a life insurance policy in accordance with the Insurance Act 2010.
Aziz Khan, Chairman of Summit Taiyo life insurance company, the question can be contacted, express...
However, he sought the company in the country to make time for the explanation of the delay.
The Japanese life insurers with more than 5 million policyholders is probably the fifth largest insurance company in Japan.
It is especially famous for its health-related products.
But it wants to promote micro-insurance strategies for rural communities here to savings between them.
Taiyo Summit want products and services in retail household in the country.
It offers protection-oriented products, medical and care at the Center.
It offers also products of that cover hospitalization because of women's diseases or lifestyle related disease.
The Taiyo has about $90 billion life funds and assets.
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