Insurance Development & Regulatory Authority of Bangladesh

What Insurance Development & Regulatory Authority of Bangladesh does

The Insurance Development & Regulatory Authority of Bangladesh (IDRA) is the statutory regulatory body overseeing the insurance sector in Bangladesh, established in 2010 under the Insurance Development and Regulatory Authority Act, 2010 as the successor to the prior insurance regulator. IDRA holds exclusive legal authority over insurance sector activities in the country, issuing and managing licenses for insurance companies and intermediaries, enforcing insurance laws and regulations, conducting market supervision, and operating a consumer grievance redressal mechanism for policyholders. Its administrative oversight resides with the Ministry of Finance of the Government of the People's Republic of Bangladesh.

IDRA serves two primary customer segments: Regulated Insurance Entities (insurers, intermediaries, and other entities under its supervisory authority) and Policyholders/Insurance Consumers (individuals and corporates seeking insurance coverage and dispute resolution). The authority is funded through government budget allocations and regulatory fees collected from insurance companies operating in Bangladesh, rather than through commercial pricing. Services are distributed primarily through its official website (idra.org.bd), which provides regulatory services, licensing, and emergency inquiry channels. The available source data on its technology stack, product portfolio, and operational capabilities is limited; no core technology, proprietary features, AI/ML capabilities, headcount figures, or detailed service modules are disclosed.

Name

Insurance Development & Regulatory Authority of Bangladesh

Legal name

Insurance Development & Regulatory Authority of Bangladesh

Website

https://idra.org.bd

Company type

Private

Operating status

Operating

Headcount range

11–50 employees

Short description

IDRA is the statutory regulator of Bangladesh's insurance sector, established in 2010 under the IDRA Act, overseeing licensing, supervision, and consumer protection for insurers, intermediaries, and policyholders nationwide.

Ownership category

akta.pro rank

Product category

Insurance Regulatory Services

NAICS

Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors (92615)

akta.pro primary industry

Licensing & Permitting Authorities (General) (BPAIAOAB)

akta.pro secondary industry

State/Provincial Licensing, Permitting & Regulatory Administration (Cross-sector) (BPAIABAO)

Keywords

• Insurance regulation
• Insurance licensing
• Market supervision
• Consumer protection
• Policyholder services

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D

Core offering

IDRA regulates and develops the insurance industry in Bangladesh through issuance and management of licenses for insurers and intermediaries, supervision of insurance market activities, enforcement of insurance laws, and a consumer grievance redressal mechanism for policyholders. The authority also operates public-facing services including an "All Services" catalog and an urgent inquiries channel delivered via its official website.

Product overview

Insurance Development & Regulatory Authority of Bangladesh (IDRA) is the regulatory body for the insurance sector in Bangladesh. The available source content is limited to a website navigation snippet referencing "All Services" (সকল সার্ভিস) and a "Frequently Asked Questions" section. No detailed product, service, or module information was available in the provided source data.

Differentiator

Problem solved

Functional benefit

Products and services

• All Services catalog (সকল সার্ভিস) Public-facing catalog of regulatory services offered by IDRA, available through the official website portal for insurance companies, intermediaries, and policyholders seeking regulatory services.
• Urgent Inquiries service (জরুরী জিজ্ঞাসা) Emergency-questions intake channel for policyholders and regulated entities to raise urgent matters with IDRA via the official website portal.
• Insurance licensing and supervision Statutory function of issuing and managing licenses to insurance companies and intermediaries operating in Bangladesh, combined with ongoing supervision of their market activities.
• Consumer grievance redressal Mechanism operated by IDRA to resolve insurance disputes and protect the interests of policyholders, providing recourse for individual and corporate consumers of insurance coverage in Bangladesh.

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Recent moves1 record

Expansion highlights1 record

Direct peers

• Monetary Authority of Singapore (MAS): Singapore's integrated financial regulator with insurance supervision responsibilities. Comparable as a national insurance regulator with strong supervisory framework and consumer protection focus.
• Financial Services Authority (FSA), Sri Lanka: Sri Lanka's integrated regulator covering insurance, securities, and banking in a South Asian market of similar size and development stage to Bangladesh. Directly comparable institutional peer in the immediate region.
• European Insurance and Occupational Pensions Authority (EIOPA): EU-level insurance and pensions supervisory authority. Comparable in regulatory and supervisory mandate for the insurance sector, though operating at supranational level.
• Insurance Authority (IA), Hong Kong: Independent statutory body regulating the insurance industry in Hong Kong. Comparable as a standalone insurance regulator with licensing, supervision, and policyholder protection functions.
• National Financial Regulatory Administration (NFRA), China: China's national insurance and banking regulator (formerly CBIRC). Comparable as a national statutory insurance regulator with combined prudential and conduct responsibilities in a large developing-market context.
• Otoritas Jasa Keuangan (OJK) - Indonesia: Indonesia's integrated financial services authority covering insurance, banking, and capital markets. Comparable in its broad regulatory mandate over the insurance sector in a large, emerging Asian economy.
• Securities and Exchange Commission of Pakistan (SECP) - Insurance Division: Pakistan's integrated securities and insurance regulator, supervising the insurance sector in a neighboring emerging South Asian market with similar penetration levels. Comparable in mandate and the challenge of regulating an underdeveloped insurance market.
• Insurance Regulatory and Development Authority of India (IRDAI): National statutory insurance regulator of India under similar legislative framework. Directly comparable in mandate (licensing, supervision, consumer protection, industry development) and operates the most analogous institutional model in the immediate regional context.
• Malaysian Insurance Department (PIDM / BNM): Malaysia's deposit insurance and insurance regulatory functions operating alongside Bank Negara Malaysia. Comparable as a regional insurance supervisor with consumer protection and market development mandates.

Broad incumbents

• Australian Prudential Regulation Authority (APRA): Australia's prudential regulator overseeing insurance, banking, and superannuation. Comparable in insurance supervision mandate, though operating in a far more developed market.

Market position

Strengths3 records

Weaknesses3 records

Competitive moat1 record

Key risks4 records

Key highlights4 records

Customer concentration

• LinkedInlinkedin.com/company/insurance-development-&-regulatory-authority-of-bangladesh

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

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M&A

Investments

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Frequently asked questions about Insurance Development & Regulatory Authority of Bangladesh