M Hossain Ahmed, Special Report:
Taking a firm stance against long-standing irregularities and mismanagement in the non-life (general) insurance sector, the Insurance Development and Regulatory Authority (IDRA) has issued a zero percent commission policy. To ensure its effective implementation, the Bangladesh Insurance Forum (BIF), the organization of chief executives of insurance companies, has taken a significant step by forming a five-member monitoring committee to directly oversee the implementation of the IDRA circular.
The decision to form this monitoring committee was taken unanimously at a special emergency meeting of BIF chief executives held on 7 January 2026 at the organization’s office in Dhaka. The information was disclosed in a press release issued by BIF following the meeting.
According to the press release, the meeting was chaired by BIF President, Executive Member of the Bangladesh Insurance Association (BIA), and Chief Executive Officer of Popular Life Insurance Company Limited, BM Yusuf Ali. In his address, he said, “If the circular issued by IDRA can be implemented one hundred percent, discipline will return to the insurance industry. For this, not only the regulator but also the boards of directors, managing directors, and top management of every insurance company must work together in unity. Only then will sustainable development of the insurance industry be possible, and public confidence in insurance can be ensured fully.”
He further stated that unless commission-based unhealthy competition is stopped, the insurance industry will never reach its desired goals. The implementation of the zero commission policy has created an opportunity to bring the insurance sector back to the true philosophy of risk management.
Speaking at the meeting, Vice President and Chief Executive Officer of Takaful Islami Insurance PLC, Abul Kalam Azad, said that the abolition of the commission system in non-life insurance would enhance professionalism in policy underwriting and reduce loss-making business, which would ultimately benefit both customers and the industry.

BIF Secretary General and Chief Executive Officer of Sena Insurance PLC, Brigadier General Md. Shafique Shamim, psc (Retd.), said in his remarks, “The collective cooperation of all those associated with the organization is extremely essential for implementing IDRA’s policies. At the same time, the activities of IDRA’s supervision and monitoring cell must be further strengthened. Instead of a culture of nominal fines, large-scale penalties should be imposed as necessary, notices should be issued, and strict measures, including cancellation of licenses of those involved in serious irregularities, must be taken.”

Also present at the meeting were Joint Secretary General and Chief Executive Officer of Zenith Islami Life Insurance PLC and Executive Member of the Bangladesh Insurance Association, SM Nuruzzaman ; Chief Executive Officer of Bangladesh Co-operative Insurance, Md. Nure Alam Siddique; BIF Organizing Secretary and Chief Executive Officer of Republic Insurance Company Limited, Dr. AKM Sarwar Jahan Jamil; Office Secretary and Chief Executive Officer of Standard Insurance Limited, Abdul Matin Sarker; along with chief executive officers of various non-life insurance companies.

According to the decisions taken at the meeting, the monitoring committee has been formed with BIF Secretary General Brigadier General Md. Shafique Shamim, psc (Retd.) as Convener. The other members of the committee are Dr. AKM Sarwar Jahan Jamil, Chief Executive Officer of Republic Insurance Company Limited; Md. Imam Shaheen, Chief Executive Officer of Asia Insurance and Executive Member of BIF; Syed Sihab Ullah Al Manzur, Chief Executive Officer of Pragati Insurance PLC; and Shamim Hossain, Chief Executive Officer of City Insurance PLC.

The committee will coordinate with all BIF member institutions to strictly monitor the implementation of IDRA’s recent circular on zero commission in the general insurance sector and, if necessary, inform the concerned authorities.

Insurance professionals and members of the journalist community view this initiative as a unique and timely decision in the history of the insurance industry. According to them, if the zero commission policy is implemented, not only will discipline return to the insurance sector, but transparency and accountability across Bangladesh’s overall financial sector will also increase. Stakeholders have expressed optimism that the insurance sector will be able to play a more effective role in risk assessment and management, which will have a positive impact on the country’s economic development.