It also works for the development of the insurance sector. Insurance Development and Regulatory Authority (IDRA) has been formed under the provision on Insurance Development and Regulatory Authority Act 2010 on 26th January in 2011. The Government of Bangladesh has enacted the Insurance Act 2010 to develop and regulate the insurance business. IDRA has established for the purpose of supervising the
insurance business and safeguarding the interest of policy holder. The authority is working for the systematic development and regulation of insurance industry with a view to implement the 'The National Insurance Policy 2014. IDRA, consisting by one Chairman and four Members, some Executive Directors and Directors carrying the different functions of the authority. The authority is assigned by the Insurance Development and Regulatory Authority Act 2010 to control the institution relating to insurance and re-insurance industry to encourage the development of insurance industry. Providing registration and certificate of insurer, re-insurer, mediator and renewal, amendment, removal withheld or cancellation of such registration are the mandate of IDRA. Inspection, inquiry and investigation of insurance institutions, developing new policies, controlling the fund and investment, maintenance of solvency margin and determining the proposed premium rate, giving advantage to insurer, settlement of dispute or claim and providing the procedure for preparing actuarial reports are the major responsibility of IDRA.
