Bangladeshi Finance Minister AHM Mustafa Kamal has said that 31 insurers have to obtain a public listing to comply with regulations.

The minister said the insurance companies were given licences on the pre-condition that they would go to the capital market within three years of launching their operations, but many have failed to comply. 

He was speaking at a meeting with chairpersons and managing directors of insurance companies in Dhaka last Sunday amid a slump in the capital market.

The unlisted insurers are given three months to comply with the listing requirement, failing which their insurance licences will be suspended as a first step and further non-action would lead to cancellation of their licences.

Another option is for the insurers to merge with others.

Insurance Development and Regulatory Authority chairman Shafiqur Rahman Patwari said there are 32 life insurers and 46 non-life insurers operating in the country.

According to Dhaka Tribune, the insurers that are currently unlisted are:

Life insurers

Non-life insurers

Alpha Islami Life Insurance, Baira Life Insurance, Best Life Insurance, Chartered Life Insurance, Diamond Life Insurance, Golden Life Insurance, Guardian Life Insurance, Homeland Life Insurance, Jamuna Life Insurance, Jibon Bima Corporation, LIC Bangladesh, Meghna Life Insurance, Mercentile Life Insurance, Metlife (American Life Insurance Company), NRB Global Life Insurance, Protective Islami Life Insurance, Sawdesh Life Insurance, Sonali Life Insurance, Sunflower Life Insurance, Trust Islami Life Insurance, Zenith Islami Life Insurance.

Bangladesh Co-operative Insurance, Crystal Insurance, Desh General Insurance, Express Insurance Islami Commercial Insurance, Sadharan Bima Corporation, Sena Kalyan Insurance, Sikder Insurance, South Asia Insurance, Union Insurance.