Bangladesh regulator scraps non-life insurance agent licensing

Insurers will no longer be allowed to engage individual agents.

Bangladesh’s Insurance Development and Regulatory Authority (IDRA) said it will abolish the system of individual agents and licences in the non-life insurance sector starting 1 January 2026.

In a press notice, the regulator said the move aims to protect policyholders, strengthen financial discipline amongst insurers, and improve the overall management of non-life insurance business. 

From the effective date, insurers will no longer be allowed to engage individual agents, and no payments or benefits may be given under the name of individual agent commission or similar arrangements.

IDRA said the decision follows issues identified in the non-life insurance market and will be enforced under Section 58(1) of the Insurance Act 2010. 

The directive applies to all non-life insurance business in the country and is intended to ensure proper implementation across the industry.