Life Insurance Corporation of India (LIC) has been allowed to form a joint venture in Bangladesh, becoming the second foreign insurer to operate in the country officials said.
“We have given LIC a letter of consent upon certain conditions. They will be able to start operation once they are fulfilled.”Bangladesh Insurance Development and Regulatory Authority (IDRA) chief M. Shefaq Ahmed said.
He said the Indian state-owned insurer was allowed to start operations as a joint venture entity to be called LIC Bangladesh Ltd with a paid up capital of Taka 1 billion ($1=TK 80) under a decision taken by the regulator three days ago.
