Information and Broadcasting Minister Zahir Uddin Swapon today underscored the critical need for a strong and well-defined legal framework for the insurance sector. He believes this is essential for restoring public confidence and accelerating the modern economy.
Minister's Remarks at National Life Insurance Anniversary
Speaking as the chief guest at the 42nd founding anniversary programme of National Life Insurance PLC at the Officers' Club, Swapon stated, 'No modern economic transaction can operate solely on the basis of trust or distrust. A time-befitting legal framework must be developed to assure citizens and enhance public confidence in this sector.'
Economic Role of Insurance
Swapon highlighted that insurance is not just a service but a crucial component of economic acceleration. He noted, 'When an ordinary citizen or entrepreneur receives life security and insurance protection, they feel secure about the future. This security allows them to utilize their talents and initiatives in a well-planned manner, thereby contributing to the country's economic momentum.'
Addressing Past Economic Irregularities
The minister also addressed the economic irregularities of the previous regime, stating, 'Under the leadership of Prime Minister Tarique Rahman, the present government did not assume office merely to run the country in a conventional manner. We inherited a fragile economy and have to identify how much money was laundered abroad, how much remained outside the tax system, and how much could not be brought under the revenue net.'
Call to Action for Insurance Sector
Swapon called upon the Bangladesh Insurance Association to present the existing problems of the insurance sector specifically before the Finance Minister. He urged all stakeholders to work collaboratively with the government to expand the insurance sector and develop a stronger policy framework.
Event Details
The programme was chaired by National Life Insurance Chairman Tofazzal Hossain and attended by Bangladesh Insurance Association (BIA) President Sayeed Ahmed, MP, among other senior officials and business leaders. National Life Insurance CEO Md Kazim Uddin delivered the welcome address.
