Eternal thanks to Almighty Allah, the Merciful, Who made it possible for me to complete this piece of work successfully.
I render my gratitude and appreciation to my supervisor for intellectual guidance, cooperation and all out support from initial phases of framing ideas and designing structures of the research project to the final product as dissertation. I express my profound gratitude to all respected teachers of the department of Law.
To complete the dissertation, I have taken assistances from a number of advisors, colleagues, friends, organizations and groups. It would have been quite difficult for me to prepare the dissertation without having help from them at different phases of conceptualizing and writing process. I have to acknowledge their contribution.
I have taken assistance from Central Library of the University of Rajshahi, Seminar library of Department of Law of University of Rajshahi, Bar Library of Rajshahi Court. Besides this I am grateful and thankful to my parents and all my friends, without their support it would be impossible for me to complete the work.
The Insurance Act of 2010 has enacted by repealing back dated British law of 1938. When comparison is made between the two laws, several new points are found in the new law but still the law has some lacunas. The new law cannot mitigate the modern challenges like mobile or health insurances. In the present ICT era to meet up the demands of the society the law should be revised.
Insurance is a contract where one party undertakes in return of consideration called premium to pay to the other party a certain sum of money on the happening of a certain event or to indemnify the other party against a loss arising from the risk insured.
Any individual or unincorporated body of individuals or body corporate incorporated under the law of any country other than Bangladesh, carrying on insurance business not being a person specified in this clause which-
- Carries on that business in Bangladesh, or
- Has his its principal place of business or is domiciled in India ,or with the object of obtaining insurance business or is domiciled in Bangladesh ,or
- With the object of obtaining insurance business, employs a representative, or maintains a place of business, in Bangladesh;
Anybody corporate (not being a person specified in sub –clause (c) of this clause) carrying on the business of insurance, which is a body corporate incorporated under any law for the time being in force in Bangladesh; or stands to any such body corporate in relation of a subsidiary company.
Policy holder-includes a person to whom the whole of the interest of the policy –holder in the policy is assigned once and for all, but does not include an assignee thereof whose interest in the policy is defeasible or is for the time being subject to any condition.
FIs – Financial Institutions
CAMD – Capital Adequacy and Mercantile Discipline
IRA – Insurance Regulatory Authority
SBC – Sadharan Bima Corporation