The Bangladesh Insurance Forum (BIF), the apex body representing the country’s insurance sector, has established a special oversight committee to monitor the effective implementation of the zero-percentage commission policy in the non-life insurance sector.
The formation of the committee follows a recent circular issued by the Insurance Development and Regulatory Authority (IDRA), which mandated the suspension of individual insurance agent licences and instructed insurers to adopt a zero-commission structure for non-life policies. The newly formed committee is tasked with ensuring full compliance with these directives across all member companies and reporting regularly on implementation progress.
The decision was taken during an urgent high-level meeting at BIF’s Dilkusha office on Wednesday. Senior executives from both life and non-life insurance companies attended the session. A press release issued after the meeting outlined the committee’s structure, mandate, and responsibilities in detail.
The meeting was chaired by BIF President and Executive Member of the Bangladesh Insurance Association, BM Yusuf Ali, who also serves as CEO of Popular Life Insurance. The discussion focused on IDRA’s directives, the revised commission framework, and its potential impact on the insurance industry. Other key participants included:
Abul Kalam Azad, Vice President, BIF and CEO, Takaful Islami Insurance
Brigadier General Md. Shafik Shamim (Retd.), General Secretary, BIF and CEO, Sena Insurance
SM Nuruzzaman, Joint General Secretary, Zenith Islami Life Insurance
Md. Nure Alam Siddiqui, CEO, Bangladesh Co-operative Insurance
The meeting emphasised the necessity of a functional, representative committee that would coordinate with all BIF member companies, conduct regular field-level inspections, detect irregularities, and provide direct reports to the Forum’s leadership. The committee aims to resolve long-standing disputes related to commission structures, ensure fair competition, and protect the interests of policyholders.
Oversight Committee Members:
| Position | Name | Organisation |
|---|---|---|
| Chairperson | Brig. Gen. Md. Shafik Shamim (Retd.) | Sena Insurance |
| Member | Dr. A.K.M. Sarwar Jamil | Republic Insurance |
| Member | Md. Imam Shahin | Asia Insurance |
| Member | Syed Shihab Ullah Al Manzur | Pragati Insurance |
| Member | Shamim Hossain | City Insurance |
BIF leadership expressed confidence that the committee’s active oversight will ensure disciplined implementation of the zero-commission policy, enhance transparency, and strengthen public trust in the non-life insurance sector.