‘Get listed in stocks market or license to be revoked’

Finance Minister AHM Mustafa Kamal today categorically said that the licenses of the insurance companies, those have not been enlisted in the stocks market yet, will be cancelled if they do not do so by the next three months.

“We have directed the unlisted insurance companies to be listed in the stock market by the next three-month. Otherwise, we will primarily cancel their license,” he told reporters at his ministry office in Dhaka this afternoon.

Later, the insurance companies will be given opportunities to get integrated and if they fail to be enlisted in the stock market then, their licenses will be cancelled, the finance minister said.

There are a total of 78 life insurance and non-life insurance companies in the country and of these, 47 are listed with the share market, he said.

Earlier, the finance minister held a meeting with the managing directors and chairmen of the insurance companies at the NEC auditorium in Agargaon area of Dhaka this noon.

After the meeting, the minister said that the authorities of the insurance companies demanded to bring all flats and residential and non-residential buildings under the purview of the life insurance.

“We will have to take the insurance sector to an expected place for strengthening the country’s economy and sustainable development,” Kamal said.