Insurance Laws of Bangladesh : How it plays a role in the development of economic growth

Abstract

A developing country like Bangladesh Who are struggling to develop economic growth, Insurance can play a key role in developing economic sector of this country. Insurance companies have some significant prospects in the growth of the economy but somehow in Bangladesh they failed to achieve that goal. In 2010 the parliament of Bangladesh passed a new law. The Insurance Act 2010 and IDRA 2010 . After passing the new Act the previous one had been inactive. The reason of the new enactment of the insurance law was to modernize the law and give a systematic way out for running the insurance sector. But after enacting the new law it was so sudden that most of the insurance companies did not able to match with it and suffer so much. In this research paper I am going to give a comparative study on The Insurance Act 1938 and 2010, different types of insurance, Effects of the insurance in the sector of Bangladesh economy, difficulties of insurance business in Bangladesh and etc. A quality research paper always need some pure information, in this research paper examines the difficulties and find out the challenges and recommendations with the experts of insurance .This research paper analyzes the past and present form of insurance Act and find out the main shortcomings in the system. This research paper also help to find out the problems of the companies they faces and also the problems created by them self .So, overall this research paper is properly based on the whole scenario of insurance in Bangladesh