Consistent with the privatization policy of Bangladesh after liberation war, the Government of Bangladesh took a crucial decision in 1984 to allow operation of insurance companies in the private sector side by side with state-owned Sadharan Bima Corporation and Jiban Bima Corporation. As aresult, a number of companies in the private sector came into being in 1985 and the necessity of forming an Association was keenly felt. The representatives of the private insurance companies arranged a meeting in early 1985 and decided that an association should be formed with all the companies, both Life and Non-Life, as members where government regulations about insurance are strictly followed.
Following the decision, Bangladesh Insurance Association (BIA) was formed under the Companies’ Act 1913 and registered with the Registrar of Joint Stock Companies on 25th April’ 1988 with 13 insurance companies, including 3 companies in life, operating at that time in the private sector in the country as members. The total number of members stands now at 76 (45 general insurance companies and 31 life insurance companies).
