Term Paper

Course Code: MIS 203

Course Title: Legal Environment of Business
 Legal Environment of Business, MIS 203

An Overview of the Practice of Different Laws in Different

Firms of an Industry and Comparison among Firms &
Recommendation for an Industry in Bangladesh

Prepared for:
Md. Fahami Ahsan Mazmum
Assistant Professor
Department of MIS
Faculty of Business Studies
University of Dhaka

Prepared by:

Serial Number Student’s Name Class Roll

01 Anisa Labiba 029-15-006
02 Arfina Khandokar Aranya 029-15-026
03 Lawrence Aumlan Biswas 029-15-082
04 Mubassherul Kabir 029-15-086
05 Ali Akbar Ovi 029-15-098

Batch Number : 15th

Program Name : BBA
Name of Faculty : Business Studies
Name of Department : Management Information Systems
Name of University : University of Dhaka

Date of Submission: 12 May, 2022

 Letter of Transmittal
12 May, 2022
Md. Fahami Ahsan Mazmum
Assistant Professor
Department of Management Information Systems
Faculty of Business Studies
University of Dhaka

Subject: Submission of term paper on case study solution.

Dear Sir,
We have been assigned to complete a term paper on An Overview of the Practice of Different
Laws in Different Firms of an Industry and Comparison among Firms & Recommendation for an
Industry in Bangladesh We have tried our best to prepare this to be as informative and relevant
as possible.

To prepare this term paper, we have reviewed some books, journals and downloaded some
information from Internet. This term paper has given us a great opportunity to understand the
organizational aspect of legal environment of business. You are grateful to our course teacher for
this chance.

We will be available for further query and clarification regarding this report whenever necessary.
Insipid of my hard affords if there are any mistake or shortcoming in this term paper we offer my
apology for that.

We, therefore, pray and hope that you would kindly accept our term paper and oblige thereby.

Sincerely yours,

Team Eternals
ID: 029-15-006; 029-15-026; 029-15-082; 029-15-086; 029-15-098
Batch: 15th
Program name: BBA
Department of Management Information Systems
Faculty of Business Studies
University of Dhaka
 Acknowledgement
We are over helmed in all humbleness and gratefulness to acknowledge our depth to all those
who have helped us to put these ideas, well above the level of simplicity and into something
concrete.

We would like to express our special thanks of gratitude to our teacher who gave us the golden
opportunity to do this wonderful project, which also helped us in doing a lot of Research and we
came to know about so many new things. We are really thankful to him.

Executive Summary

Bangladesh is not a new market for insurance. During the time of British control in India, several
life and general insurance firms began conducting business in Bengal.
After Bangladesh's independence, the insurance industry was nationalized. In Bangladesh, the
Insurance Corporation Act VI, 1973 led to the establishment of two corporations: Sadharan Bima
Corporation (SBC) for general insurance and Jiban Bima Corporation for life insurance.
Essentially, insurance is a contract between two people. An insurer is a corporation that sells
insurance, while an insured or policyholder is the individual or institution that purchases an
insurance policy. All policies issued by a life insurance firm or the life division of a holding
company, including Personal accident and sickness insurance, ordinary life insurance, industrial
life assurance, annuities, etc.
We have discussed the contribution of our country's insurance business.
In order to ensure a healthy development of the insurance business, it is clear that policymakers
within the government and insurance companies must take effective measures to capitalize on
opportunities and counteract dangers.
Therefore, if we improve economic conditions and eliminate the obstacles, it will be extremely
beneficial for the growth of this industry in our nation.
Table of Contents
Introduction...............................................................................................................................................1
Origin of the report...............................................................................................................................1
Methodology..........................................................................................................................................1
Key Parts of the report..........................................................................................................................1
Objectives of the report.........................................................................................................................2
Broad Objectives:..............................................................................................................................2
Specific Objectives:............................................................................................................................2
Scope.......................................................................................................................................................2
Limitations.............................................................................................................................................2
Overview of Insurance Industry...............................................................................................................3
Insurance Law...........................................................................................................................................5
How do firms apply the law in short term and long term.......................................................................5
Comparison among those 5 firms.............................................................................................................7
Comparing the firms based on their categories and policies:.............................................................7
Life Insurance:...................................................................................................................................7
General Insurance:............................................................................................................................8
What is Law of Contact.............................................................................................................................9
How the Law of Contract is implemented in Insurance Firms..........................................................9
Comparisons among Firms.................................................................................................................11
Law related to Company.........................................................................................................................13
Implementation of ‘Company Law’...................................................................................................13
Difference between public and private insurance companies...........................................................13
Consumer Protection Act........................................................................................................................15
How do firms apply the consumer protection laws in short term and long term...........................15
Comparison among firms....................................................................................................................16
The Penal Code Act, 1860.......................................................................................................................18
Law related to Employment...................................................................................................................20
Implimentation of ‘employment law’.................................................................................................20
Comparison of law’s above implemented and used practice among firms......................................23
Income Tax Act........................................................................................................................................25
How the Income Tax Act implement on firms...................................................................................25
 Comparison among firms:..................................................................................................................26
Bangladesh Labor Act, 2006...................................................................................................................28
How insurance firms implement the Bangladesh Labor Act, 2006..................................................28
Comparison among firms....................................................................................................................30
Recommendations for improving the legal system of Bangladesh insurance companies...................31
Plan for this by budgeting at the top end of the market...................................................................31
How to Improve the Insurance Claim Process..................................................................................31
Methods to Improve Customer Service..............................................................................................32
Strategies For Increasing Insurance Customer Engagement...........................................................32
Appendix:.................................................................................................................................................34
Questionnaires:....................................................................................................................................34
References:...............................................................................................................................................36
 1

Introduction
Origin of the report
This paper was produced under the supervision of MD. FAHAMI AHSAN MAZMUM,
Assistant Professor, Department of MIS, Faculty of Business Studies, University of Dhaka,
our course instructor. The preparation of this report is a requirement of the Legal
Environment of Business course. The topic is “An Overview of the Practice of Different
Laws in Different Firms of an Industry and Comparison among Firms &
Recommendation for an Industry in Bangladesh”.

The firms which we selected for this term paper are:

1. Bangladesh Sadharan Bima Corporation

2. Sonali Life Insurance Company Ltd.
3. MetLife Bangladesh (American Life Insurance Company Ltd.)
4. Rupali Life Insurance Company Ltd.
5.Padma Islami Life Insurance Company

Methodology
The information in the project report is largely secondary. Secondary sources included the
internet, books, journals, magazines, and newspapers.

Secondary data is information that has previously been acquired by someone else and has
gone through the statistical process. The type of secondary data that we choose is secondary
data.

Key Parts of the report

The primary objective of the paper is to identify the influence of legal environment on the
insurance industry's ability to operate them in Bangladesh. We concentrated on the required
laws and legislature to run insurance industry in Bangladesh and the role of our country's
insurance business.
 2

Objectives of the report

Broad Objectives:

The primary goal of this study is to assess the laws and regulations’ contribution in insurance
industry of Bangladesh.

Specific Objectives:
 To become familiar with the insurance company
 To gain a thorough understanding of life and general insurance industry
 To learn about the process of operating life and general insurance firms
 To have both theoretical and practical knowledge of insurance industry.

Scope
In this paper, we will first discuss the fundamental concept of insurance. Then we look at the
laws and acts used in insurance industry of our country.

Limitations
There were some limitations to the challenge we faced in both report preparation and
analysis.

Unavoidable circumstances:

Some of the unavoidable circumstances also hampered the report's preparation.

Restrictions encountered:

 Lacks of information, lack of technology, and so on are the constraints inside the
challenge.
 Inadequate information on the insurance company's website.
 Inadequate information in insurance company journals and official publications.
 Inexperience and a lack of time are the constraints preventing this study from
becoming more detailed.
 Secondary data was gathered from handbooks and publications, which may be skewed
toward the insurance industry.
 3

Overview of Insurance Industry

In Bangladesh, insurance is not a new business. Almost a century ago, during British control
in India, some life and general insurance companies began doing business in Bengal.
Between 1947 and 1971, the insurance industry in East Pakistan grew significantly, with 49
insurance companies transacting both life and general insurance plans. These businesses were
British, Australian, Indian, West Pakistani, and local in origin. Ten insurance companies had
headquarters in East Pakistan, 27 in West Pakistan, and the remainder in other countries. The
majority of these businesses were limited liability corporations. Some of these businesses
were specialized in one type of company, while others were composite businesses that dealt
in multiple types of business. By the Bangladesh Insurance (Nationalization) Order 1972, the
government of Bangladesh nationalized the insurance industry.

All 49 insurance businesses and organizations transacting insurance business in the country
were placed in the public sector under five corporations as a result of this decree, with the
exception of postal life insurance and overseas life insurance companies. The Jatiya Bima
Corporation, Tista Bima Corporation, Karnafuli Bima Corporation, Rupsa Bima Corporation,
and Surma Bima Corporation were among these corporations. General insurance was handled
by Tista and Karnafuli Bima Corporations, while life insurance was handled by Rupsa and
Surma. Specialist life insurance firms, or the life portion of a composite company, joined
Rupsa and Surma, whereas specialist general insurance companies, or the general portion of a
composite company, joined Tista and Karnafuli.

Bangladesh's insurance industry was nationalized after the country's independence. Following
the passage of the Insurance Corporation Act VI, 1973, Bangladesh formed two corporations,
Sadharan Bima Corporation (SBC) for general insurance and Jiban Bima Corporation for life
insurance. Until 1984, SBC was the sole provider of general insurance. Between 1985 and
1988, the first generation of private general insurance businesses arose, after the Bangladesh
government, for the first time in 1984, authorized the private sector to undertake business in
all fields of insurance. During that time, 16 private general insurance businesses were
registered. Eight more private general insurance companies were registered in 1996. Between
1999 and 2001, the third generation of private general insurance businesses, which included
18 companies, began operations. There are now 43 private sector insurance companies and
one state-owned insurance business in Bangladesh's general insurance market. The Insurance
 4

Corporation (amendment) Act 1990 stipulates that the SBC shall get 50% of any insurance
business relating to any public property or any risk or responsibility relating to any public
property, and the remaining 50% may be placed with this corporation or any other insurers in
Bangladesh. However, for practical reasons and in accordance with the Insurance Association
of Bangladesh, the SBC underwrites all public sector business, with 50% of that business
allocated evenly among the 43 private general insurance companies under the National Co-
insurance Scheme.

Bangladesh's insurance history:

• Tritorn Insurance, a pioneer in general insurance founded in 1850 in Calcutta;

• Oriental Life Insurance Firm, the first insurance company founded in 1818.

• They were mostly restricted to British workers in India.

• In Pakistan period, the insurance industry is primarily run by the private sector.
 5

Insurance Law

Insurance law is the practice of law surrounding insurance, including insurance policies and
claims. Insurance is an important matter for the safety and security of businesses and
societies. Moreover, the impact of it can have long term and is still not realized to the
required level. An insurance contract provides financial protection to the insured by the
insurer against a loss arising from the happening of an uncertain event. The main regulation
that regulates the insurance business is the Insurance Act, of 1938. There are more
regulations- The Insurance Act of Bangladesh, 2010, the Life Insurance Corporation Act,
1956, Bangladesh Insurance Corporation Act, 1973, the General Insurance Business Act,
1982, the Marine Insurance Act, 1963, the Motor Vehicles Act, 1988, Fire Insurance Act, and
Insurance Development and Regulatory Authority (IDRA) 2010.

How do firms apply the law in short term and long term

At present, insurance is being used widely and becoming more and more admired in personal
life and considered a business sector as significant risk management which we use to obstacle
against the risk of a contingent, uncertain loss. Insurance companies offer several insurance
policies by ensuring the proper use of the insurance law of 1938. An insurance company
implements the Insurance law regarding the following matters:

Utmost Good Faith

The insurance law describes that both the parties in an insurance contract should act in good
faith towards each other, they must provide clear and concise information related to the terms
and conditions of the contract. The Insured should provide all the information related to the
subject matter, and the insurer must give precise details regarding the contract.

Insurable interest

The law says that an individual (insured) must have an insurable interest in the subject matter.
Insurable interest means that the subject matter for which the individual enters the insurance
contract must provide some financial gain to the insured and also lead to a financial loss if
there is any damage, destruction, or loss.
 6

Indemnity

This insurance law says that insurance is done only for the coverage of the loss; hence
insured should not make any profit from the insurance contract. The purpose of the indemnity
principle is to set back the insured in the same financial position as he was before the loss
occurred. Here indemnity is observed strictly for property insurance and does not apply to the
life insurance contract.

Subrogation

Subrogation means one party stands in for another. As per the insurance law of 1983, after
the insured, the individual has been compensated for the incurred loss to him on the subject
matter that was insured, the rights of the ownership of that property go to the insurer, the
company. Subrogation gives the right to the insurance company to claim the amount of loss
from the third party responsible for the same.

Contribution

The contribution applies when the insured takes more than one insurance policy for the same
subject matter. It states the same thing as in indemnity impact; the insured cannot make a
profit by claiming the loss of one subject matter from different policies or companies.

Loss Minimization

This principle of law says that as an owner, it is obligatory on the part of the insurer to take
necessary steps to minimize the loss to the insured property. This does not allow the owner to
be irresponsible or negligent just because the subject matter is insured.
 7

Comparison among those 5 firms

Comparing the firms based on their categories and policies:

Life Insurance:

In this category, firms Sonali Life Insurance Company Ltd, MetLife Bangladesh (American
Life Insurance Company Ltd), Rupali Life Insurance Company Ltd, Padma Islami Life
Insurance Company run for the insurance policy whereby the policyholder can ensure
financial freedom for their family members after death. It offers financial compensation in
case of death or disability. Policies of Life insurance companies that are being offered to the
people of all professions are described here and most life insurance companies go through
these processes.

● Term Insurance: It gives life coverage for a specific time or period.

● Whole life insurance: It is meant to offer life cover for the whole life of an individual.

● Endowment policy: In an endowment policy is a policy where a portion of premiums

goes toward the death benefit, while the remaining is invested by the insurer.

● Money back Policy: It means a certain percentage of the sum assured is paid to the
insured in intervals throughout the term as a survival benefit.

● Pension Plans: Also called retirement plans are a fusion of insurance and investment.
A portion of the premiums is directed towards retirement corpus and which is paid as
a lump sum or monthly payment after the retirement of the insured.

● Child Plans: It provides financial aid for children of the policyholders throughout their
lives.

● ULIPS – Unit Linked Insurance Plans, similar to endowment plans, a part of

premiums goes toward the death benefit while the remaining goes toward mutual fund
investments.
 8

General Insurance:

Everything apart from life can be insured under general insurance. It offers financial
compensation for any loss other than death. General insurance covers the loss or damages
caused to all the assets and liabilities. The insurance companies- Bangladesh Sadharan Bima
Corporation promise to pay the assured sum to cover the loss related to the vehicle, medical
treatments, fire, theft, or even financial problems during travel. General Insurance can cover
almost everything but a few significant types of insurance available under it and most the
general insurance companies are bound to follow these:

● Health Insurance: Health insurance covers the cost of medical care.

● Fire Insurance: It gives coverage for the damages caused to the goods or the
properties due to fire.

● Travel Insurance: It compensates for the financial liabilities arising from non-medical
or medical emergencies during travel within the country or abroad.

● Motor Insurance: This offers financial protection to motor vehicles from damages due
to accidents, fire, theft, or natural calamities.

● Home Insurance: This insurance compensates for the damage caused to a home due to
man-made disasters, natural calamities, or other threats.
 9

What is Law of Contact

A contract is a legally binding agreement between two or more parties in which each party
agrees to fulfill a legal obligation. Contracts are involved in many facets of daily life, such as
purchasing real estate, applying for a vehicle loan, completing employment paperwork, and
consenting to terms and conditions when purchasing products and services or using computer
software.

Contractual legal challenges arise most frequently when one party fails to fulfill the legal
obligation to which it has agreed. When one party fails to comply under a contract, the other
party can sue for money damages or, in rare situations, petition the court to compel the other
party to perform as promised.

When contracts are not drafted correctly, they can also be the source of legal issues. Parties
that have misunderstood the terms of their contract might sue each other and have the dispute
resolved by a court. Furthermore, if a corporation executes a contract and then goes out of
business or is unable to fulfill its obligations, the other party may be forced to seek remedy in
civil or bankruptcy court.

The Contract Act, 1872 is the chief contract law in Bangladesh. Based on English Contract
Law and the British Indian Contract Law, it was enacted in the 19th century and re-enacted
by the Parliament of Bangladesh after the country's independence. It includes chapters on
offer and acceptance, voidable contracts, contingent contracts, performance, breach of
contract, contractual relations, and the sale of goods, bailment, agency and partnership. It also
covers topics such as consideration, misrepresentation and indemnity.

How the Law of Contract is implemented in Insurance Firms

In order to be legally legitimate, an insurance contract must meet four requirements: it must
be for a lawful purpose; the parties must have legal ability to contract; there must be proof of
a meeting of minds between the insurer and the insured; and there must be payment or
consideration.

The insurance contract must be supported by an insurable interest to meet the legal purpose
requirement (see further discussion below); it may not be issued in such a way as to
 10

encourage criminal operations (as with marine insurance placed on a ship used to carry
contraband).

The requirement of capacity to contract typically means that the person seeking insurance
must be at least 18 years old and legally competent; the contract will be voided if the insured
is found to be insane or intoxicated, or if the insured is a corporation acting outside of its
charter, bylaws, or articles of incorporation.

When one person makes a valid offer that is accepted by another, the criteria of meeting of
minds is met. The offer is usually provided in response to a written insurance application.
The agent has the right to accept the insured's offer of coverage and bind the contract
immediately in the field of property and liability insurance. In the case of life insurance, the
agent typically lacks this authority, and the contract is not valid until the insurer's home office
has reviewed the application and returned it to the insured via the agent.

The payment or consideration is usually made up of two parts: premiums and a guarantee to
follow all of the contract's terms. An assurance that the insured will take particular loss-
prevention measures in the maintenance and preservation of the covered property is one
example.

Warranties
In applying for insurance, the applicant makes certain representations or warranties. If the
applicant makes a false representation, the insurer has the option of voiding the contract.
Concealment of vital information may be considered misrepresentation. In general, the
misrepresentation or concealment must concern a material fact—defined as a fact that would,
if it were known, cause the insurer to change the terms of the contract or be unwilling to issue
it in the first place. If the agent of the insurer asks the applicant a question the answer to
which is a matter of opinion and if the answer turns out to be wrong, the insurer must
demonstrate bad faith or fraudulent intent in order to void the contract

Insurable Interest
Closely associated with the above legal principles is that of insurable interest. This requires
that the insured be exposed to a personal loss if the peril insured against should occur.
Otherwise it would be possible for a person to take out a fire insurance policy on the property
of others and collect if the property burned. Any financial interest in property, or reasonable
 11

expectation of having a financial interest, is sufficient to establish insurable interest. A

secured creditor such as a mortgagee has an insurable interest in the property on which
money has been lent.

Liability Law
In most countries, an individual may be held legally liable to another for acts or omissions
and be required to pay damages. Liability insurance may be purchased to cover these
contingencies.

Comparisons among Firms

An insurance contract is a contract whereby, in return for a premium, an insurance company

(“the insurer”) undertakes to pay money or if specifically agreed make provision in kind to
the other contracting party (“the policyholder”) or to a third party on the occurrence of the
incident on which it has been agreed that the insurer’s obligation depends (“the insured
event”).

Insurance companies like Bangladesh Shadharan Bima Corporation are non-life or general
insurance service provider companies.

The insurance indemnity for non-life insurance consists of the compensation for damage to,
or loss of, the assets agreed to be covered on the occurrence of the insured event (the “insured
loss”). The loss of, or damage to, the assets insured may comprise damage to or loss of
goods, claims and profits, as well as sums expended in the defense and compensation of
claims brought by third parties. The indemnity may not exceed the amount of the insured
loss, nor the total sum insured. The policyholder may conclude insurance over any asset at
risk, in relation to which the holder has a legal interest in its maintenance.

On the other hand, Insurance companies like Sonali life insurance company Ltd, Metlife
Bangladesh (American Life Insurance Company Ltd), Rupali Life Insurance Company Ltd,
Padma Islami Life Insurance Company are renowned for their life insurance service.

In the life insurance, according to Law of Contract, Insurance may be agreed covering death
or survival beyond a certain age, or both, in relation to the policyholder or a third party, not
for the loss of any goods. Life insurance concluded against the risk of death of a third party
shall be null and void, unless the third party gives his consent in writing. Written consent is
 12

also required in the event that a third party is mentioned as the beneficiary of the policy, as
well as for the assignment or pledge of the benefit of insurance claims. If the third party lacks
the capacity to enter into juridical acts, consent shall be given by his/her legal representative.
If the legal representative is also the policyholder or the beneficiary of the policy, the written
consent shall be given by a specially-appointed guardian of the third party. When life
insurance is concluded which is payable upon death, the beneficiary of the policy shall be
designated by means of a written statement issued by the policyholder. The statement shall be
freely revocable.
 13

Law related to Company

Most Bangladeshi companies are registered as private limited liability companies, commonly
known as private limited companies. A private limited company in Bangladesh is a separate
legal entity and shareholders are not liable for the company’s debts beyond the amount of
share capital they have contributed. According to the Companies Act 1994, any person
(foreign or local) above the age of 18 can register a company in Bangladesh.

Implementation of ‘Company Law’

Some following rules are always implemented in every insurance company to ensure the
company law and there are the authorities by whom the laws are implemented. They are:

 Insurance Regulatory Authority

The insurance companies operating in the country need to be regulated under comprehensive
law and guidelines and supervised by a strong authority named ‘’Insurance Development and
Regulatory Authority’’ (IDRA) established under the Insurance Development and Regulatory
Authority Act, 2010. It is run by an executive committee of 15 members including a
chairman and a vice-chairman.

 Bangladesh Insurance Association

Insurance companies are the companies are the companies under the companies Act, 1994.
The private insurance companies of Bangladesh has an association to promote ,support and
protect the interests and welfare of the member companies, to help develop the healthy
growth of insurance business in Bangladesh. It is run by an executive committee of 15
members including a chairman and a vice chairman.

Difference between public and private insurance companies

Private insurance companies are those that are owned by private entities or funds, for e.g.
Sonali Life Insurance Company Ltd. is owned by multiple funds and they are also listed on
the stock exchange. These are private insurance companies.
 14

Again, Public sector insurance companies are those companies that are owned and 100% held
by the government, and report to the Ministry of Finance. However, they are not welfare or
non-profit companies. They have a goal of making profits, being autonomous and running on
their own, self-sufficiently. As a result - they function in a manner very similar to Private
insurers. In Bangladesh, there is only one company owned by the government named
Bangladesh Sadharan Bima Corporation.

For instance, it is easy to assume that public sector companies are more likely to cover
someone with serious pre-existing diseases, as they are part of the government. But, this isn’t
true. Like their private counterparts, they too can’t cover any and every risk that comes their
way and have to ensure they remain profitable.
 15

Consumer Protection Act

Consumer complaints are easily and quickly compensated under the Consumer Protection
Act, which was enacted in 1986. It protects and encourages customers to speak up about
inadequacies and defects in products and services. This statute protects consumers' rights if
traders and manufacturers engage in illicit trade. The main goal of this forum is to provide
assistance to both parties and to avoid long lawsuits.

Except for those exempted by the central government, this Protection Act covers all goods
and services from the public, private, and cooperative sectors. The act provides a venue for
consumers to raise complaints, after which the forum takes action against the offending
supplier and compensates the customer for the inconvenience he or she has experienced.

How do firms apply the consumer protection laws in short term and long
term

The Consumer Protection Bill aims to better protect the interests of consumers by
establishing Consumer Councils and other agencies for the resolution of consumer disputes
and related matters. At present the different laws of consumer protection act are being used
by different firms in different situations that are stated below.

Fair Trade Laws

The Federal Trade Commission was established to encourage competition and protect
consumers from unfair, misleading, or fraudulent business activities. The Federal Trade
Commission (FTC) establishes policy, conducts investigations, and sues businesses that break
the law.

Product Safety Laws

Manufacturers of consumer items must adhere to the Consumer Product Safety Commission's
rules and regulations. All consumer products are regulated by the CPSC, with the exception
of those that are regulated by another agency (such as guns and medicines). It creates product
safety standards, issues recalls, assesses product dangers, and prohibits harmful products.

State Consumer Protection Laws

 16

Almost every state has passed legislation prohibiting businesses from engaging in unfair or
misleading business activities against customers. State attorneys general are in charge of
enforcing these statutes, known as UDAP laws. An Unfair Claims Settlement Practices Act,
for example, is a UDAP law that mandates insurers to follow particular standards when
settling claims.

Product Warranties

Most product manufacturers provide a guarantee, which is a promise to purchasers. A

warranty specifies what the maker will do in the event that the product is defective.
Warranties can be expressed (in writing or orally) or implied (inferred). Written warranties
are governed by federal law, whereas implied guarantees are governed by state law.

Comparison among firms

In the United States, insurance is one of the most vital aspects of daily living, yet it is also
one of the least understood. For many people, an insurance policy is the only thing that keeps
them from going bankrupt in the event of an accident, illness, or other unforeseen occurrence.
As a result, consumers must be wary of insurers' deceptive and fraudulent tactics, and
consumer protection laws are frequently available to assist them. The national govt often
defers to the states when it comes to insurance regulation.

Agrani Insurance Company Ltd., Mercantile Insurance Company Ltd. and Islami Insurance
Bangladesh Ltd. do not provide the Life insurance service. So, according to the rules if a
client of these insurance companies claims for any life insurance, the companies are not
bound to pay the compensation for any loss of that client. As a result the companies will not
break the insurance law and there will be no bad-faith on the companies. Moreover, if a client
tries to perform a fraud claim the insurance companies have the right to reject his claim. But
according to the consumer protection law, an insurance company will not be able to reject
any valid claim and the consumer protection law will ensure the right of a consumer at any
cost.

On the other hand, Sonali Life Insurance Company Ltd, Chartered Life Insurance Company
Ltd., provide the Life Insurance service. As per the rules, if a client of these insurance
companies makes a claim for life insurance, the businesses are obligated to compensate the
client for any losses related to the client's life insurance policies. As a result, the insurance
 17

firms will follow the law, and there will be no bad faith on their part. Furthermore, if a client
attempts to file a fraudulent claim, the insurance company has the discretion to deny the
claim. However, under consumer protection law, an insurance company will not be permitted
to reject any genuine claim, and the law will safeguard a consumer's right at all costs.
 18

The Penal Code Act, 1860

The Penal Code, 1860 is the main criminal code of Bangladesh. It is based on the penal code
of the British Indian Empire enacted in 1860 by the Governor General-in-Council in the
Bengal Presidency. It is similar to the penal codes of countries formerly part of the British
Empire in South and Southeast Asia, including Singapore, India, Pakistan, Sri Lanka and
Malaysia. The Parliament of Bangladesh has amended the penal code on several occasions,
with the most recent being in 2004. Its objective is to provide a general penal code for
Bangladesh. Other criminal law statutes have also been enacted by the Bangladesh parliament
including Insurance Act.

Insurance Companies, like any other business firms, have to implement the Penal code 1860
for settling claims, judging the justification of the claims and identifying perpetrators
involved in fraud. Insurance Companies implement Penal Code 1860 in the following ways:

 Taking actions against Forgery for purpose of cheating:

Insurance Companies use the Penal code for taking action against forgery. According to
Penal Code 1860 Section 468 Whoever commits forgery, intending that the document forged
shall be used for the purpose of cheating, shall be punished with imprisonment of either
description for a term which may extend to seven years, and shall also be liable to fine.

 Getting a rightful claim on forgery for the purpose of harming reputation:

Reputation or Goodwill is a valuable asset for a company. The same goes for insurance
companies. Insurance companies use Penal Code Act Section 469 for this purpose. Section
469 states that whoever commits forgery, intending that the document forged shall harm the
reputation of any party, or knowing that it is likely to be used for that purpose, shall be
punished with imprisonment of either description for a term which may extend to three years,
and shall also be liable to fine. So insurance companies can sue whoever involves in forgery
for the purpose of harming their reputation.

 Punishment for using a false trademark:

The Trademark is the identity of a company. Common people recognize a company by its
trademark. If anybody uses its trademark and it harms the Company, then it can file a case
under the Penal Code Act. Section 480 Whoever marks any goods or any case, package or
other receptacle containing goods, or uses any case, package or other receptacles with any
 19

mark thereon, in a manner reasonably calculated to cause it to be believed that the goods so
marked, or any good contained in any such receptacle so marked, are the manufacture or
merchandise of a person whose manufacture or merchandise they are not, is said to use a
false trademark. Whoever marks any goods or any case, package or other receptacle
containing goods, or uses any case, package or other receptacles with any mark thereon, in a
manner reasonably calculated to cause it to be believed that the goods so marked, or any good
contained in any such receptacle so marked, are the manufacture or merchandise of a person
whose manufacture or merchandise they are not, is said to use a false trademark. Whoever
marks any goods or any case, package or other receptacle containing goods, or uses any case,
package or other receptacles with any mark thereon, in a manner reasonably calculated to
cause it to be believed that the goods so marked, or any good contained in any such
receptacle so marked, are the manufacture or merchandise of a person whose manufacture or
merchandise they are not, is said to use a false trademark.

 Avoiding or resolving false accusations:

Insurance Companies run on claims. Therefore, it’s obvious that they will face false
accusations. So they implement Section 209 of the Penal Code Act 1860. It states that
whoever fraudulently or dishonest, or with intent to injure or annoy any person, makes in a
Court of Justice any claim which he knows to be false, shall be punished with imprisonment
of either description for a term which may extend to two years, and shall also be liable to
fine. So, insurance companies can take action against false accusations.

Among the five firms, we have chosen, each of the firms is non-public except Bangladesh
Sadharan Bima Corporation. Whatever the company type is it has to resolve its issues,
according to the law. Therefore, all the companies implement Penal Code Act 1860 to a
variable extent.
 20

Law related to Employment

Employment law in Bangladesh is governed by the Labor Act, 2006 (“Act”) and the Labor
Rules, 2015 (“Rules”). The Act and Rules applies to employees who are employed in
commercial enterprises and industrial undertakings. The Act and Rules prescribe the working
hours, weekly holidays, annual leave and medical leave. It also provides for gratuity
payments, provident funds and participation in the profits of the company.

Implimentation of ‘employment law’

The following rules are implemented in every insurance company for maintaining the
employment law in short term and long term:

 CONDITIONS OF SERVICE AND EMPLOYMENT

In every establishment employment of employees and other matters incidental
thereto shall be regulated in accordance with the provisions. Provided that any
establishment may have its own rules regulating employment of employees, but
no such rules shall be less favorable to any employee than the provisions. The
service rules in any establishment shall be submitted for approval by the employer
of such establishment to the chief inspector who shall, within six months of the
receipt thereof make such order therein as he deems fit.

 REGISTER OF EMPLOYEES AND SUPPLY OF TICKETS AND CARDS

The employer of every establishment shall maintain a register of employees, to be
available to the Inspector at all times during working hours.
The register of employees shall contain the following:
(a) The name and date of birth of each employee in the establishment;
(b) Date of appointment;
(c) The nature of his work;
(d) The periods of work fixed for him;
(e) The intervals for rest and meals to which he is entitled;
(f) The days of rest to which he is entitled;
(g) The group, if any, in which he is included;
 21

(h) Where his group works on shifts, the relay to which he is allotted; and
(i) Such other particulars as may be prescribed by rules;

 RIGHT OF LAID-OFF EMPLOYEES FOR COMPENSATION

Whenever an employee, other than a badly or casual employee, whose name is
borne on the muster-rolls of an establishment and who has completed not less than
one year of continuous service under the employer is laid-off, he shall be paid
compensation by the employer for all days during which he is so laid-off, except
for such weekly holidays as may intervene.

 MATERNITY BENEFIT
No employer shall knowingly employ a woman in his establishment during the
eight weeks immediately following the day of her delivery. No woman shall work
in any insurance company during the eight weeks immediately following the day
of her delivery. Every woman employed in an establishment shall be entitled to
and her employer shall be liable for, the payment of maternity benefit in respect of
the period of eight weeks preceding the expected day of her delivery and eight
weeks immediately following the day of her delivery. The maternity benefit which
is payable under this act shall be payable at the rate of daily, weekly or monthly
average wages, as the case may be, calculated in the manner laid down in sub-
section and such payment shall be made wholly in cash.

 HEALTH AND HYGIENE

Every establishment shall be kept clean and free from effluvia arising from any
drain, privy or other nuisance, and in particular accumulation of dirt and refuge
shall be removed daily by sweeping or by any other effective method from the
floors and benches of work-rooms and from staircases and passage and disposed
of in a suitable manner, Effective and suitable provisions shall be made in every
establishment for securing and maintaining in every work-room adequate
ventilation by the circulation of fresh air, Effective arrangements shall be made in
every establishment for disposal of wastes and effluents due to the manufacturing
process carried on therein, In any establishment in which the humidity of the air is
artificially increased, the water used for the purpose shall be taken from a public
supply, or other source of drinking water, or shall be effectively purified before it
 22

is so used, effective arrangement shall be made to provide and maintain at a

suitable point conveniently situated for all employees employed therein, a
sufficient supply of wholesome drinking water. There shall be provided, at
convenient places, sufficient number of dust beans and spittoons which shall be
maintained in a clean and hygienic condition.

 WORKING HOUR AND LEAVE

No employee shall ordinarily be required or allowed to work in an establishment
for more than eight hours in any day. Any employee in any insurance company
shall not be liable to work either for more than six hours in any day unless he has
been allowed an interval of at least one hour during that day for rest or more than
five hours in any one day. No employee shall ordinarily be required or allowed to
work in an establishment for more than forty-eight hours in any week. An
employee shall be allowed in each week one and half days holiday and in factory
and establishment one day in a week; an employee is deprived of any of the
weekly holidays provided for in that section, he shall be allowed, as soon as
circumstances permit, compensatory holidays, of equal number to the holidays so
deprived of.

 WAGES AND PAYMENT

Every employer shall be responsible for the payment to employees employed by
him of all wages required to be paid under this act. The payment of wages shall
have fix periods, to be called wage periods, the wages of every employee shall be
paid before the expiry of the seventh day after the last day of the wage period in
respect of which the wages are payable.

 WORKMEN’S COMPENSATION FOR INJURY BY ACCIDENT

If personal injury is caused to an employee by accident arising out of and in the
course of his employment, his employer shall be liable to pay compensation in
accordance with the provisions of this chapter.

 RETIREMENT OF EMPLOYEE
 23

An employee employed in any establishment shall, notwithstanding anything

contained elsewhere in this chapter, retire from employment ipso facto on the
completion of the fifty-seventh year of his age.

 DEATH BENEFIT
If an employee dies while in service after a continuous service of not less than
three years, his nominee or in the absence of an nominee, his dependent shall be
paid by the employer a compensation at the rate of thirty days wages for every
completed year of service, or for any part 29 thereof in excess of six months or
gratuity, if any, whichever is higher, in addition to any other benefit to which the
deceased employee would have been entitled had he retired from service.

Comparison of law’s above implemented and used practice among firms

The Bangladesh employment code is one of the very recent laws with major overhauling
changes in the field of employment legislation which is amended in time to time in order to
cope with the changes and overcoming the drawbacks. Yet the initiatives have taken by the
state in respect of employment law but the real practices are not reflected in the industries as
expected. Many organizations are performing well in terms of employment law Practices
within the organizations but most of the firms especially the Local and Government
organizations have failed successively in case of employment law practices. The comparison
shows the gap between two types of Organizations Namely Local/ Govt. Organizations and
MNC/ Private Organizations.
 24

Private Insurance
Employment Law Public Insurance Company
Company
Recruitment into different insurance
There are several pieces to
company is in accordance with the
the recruitment and
provisions of this rule. No direct
selection process: sourcing
appointment can be given in
Recruitment candidates, reviewing and
Government Service without the
tracking applicants,
recommendation of the Public
conducting interviews and
Service Commission, and
selection for employment.
examinations are held
Section 17 (1) of the rules says:
"Subject to the other provisions of
this rule, no government servant
shall, except with the previous
sanction of government, engage in
any trade or undertake any
employment or work, other than his No specific Law about
Engage in trade official duties." engaging in any trade
Section 17 (3) of the rules says: "A beside personal duties
government servant shall not,
without the previous sanction of the
government, permit any member of
his family to engage in any trade in
the area over which such government
servant has jurisdiction."
Before availing leave, a Government
servant should obtain approval for
the same, but it cannot be claimed as Employees hold right of
Prescribed Leave
a matter of right. In the case of availing leave, there’s no
Rule
public exigencies, the leave granting restriction on it.
authority may cancel or reduce any
leave previously granted.
Retirement Under this rule a Government No age limit in Private
 25

servant must retire from service on

Insurance Company
attainment of 57 years of age.

Income Tax Act

In order to generate revenue, the government imposes tax on various areas. Of them income
tax is the tax which is levied on the taxable income of a person or entity as per the provisions
of the income tax ordinance, 1984. The present law of income tax is contained in the Income
Tax Ordinance, 1984 and the Income Tax Rules, 1984.

How the Income Tax Act implement on firms

The increasing substitutability of insurance and other forms of financial intermediation
increases the importance of having tax rules that treat all segments of the financial sector in a
neutral way. An insurance company implements the Income Tax Act by achieving the
following objectives:

● Neutrality between different forms of financial intermediaries: Tax rules should

be neutral between different industries in the financial sector; they also need to
accommodate the special features or requirements of different sectors. Thus, in both
general and life insurance, tax rules need to get at an appropriate measure of the
income of the insurance office after taking into account the deductibility of premiums
and the tax treatment of claims in the hands of policyholders.
● Consistency with broad, overall government policies: If the personal income tax on
savings income is subject to variable rates or is exempt, then this should be reflected
in the extent to which tax is levied on the savings component of the insurance policy.
● Avoidance of conflict with the regulatory regime: While not contradicting the
regulatory rules, tax rules may be different because the two sets of rules serve
different purposes. Regulatory rules are concerned with the overall solvency of
financial entities and the financial sector. In contrast, the objective of income tax rules
is to measure the annual income of financial entities accurately. Thus, for example,
simply because regulatory rules require insurers to provide for future contingencies in
their financial reports does not mean that tax rules should necessarily allow those
contingencies to be deductible against income.
 26

● Administrative Compatibility: The complexity of the tax rules adopted also needs to
take into account the technical expertise available to insurers in complying with the
rules and to tax authorities in administering them.
● International Consistency: It is necessary that the tax rules adopted can be applied
in an international context, so that appropriate tax can be levied on foreign owners of
insurers operating domestically, on domestic owners of insurers operating overseas,
and on domestic holders of insurance policies issued by foreign companies. In
addition, if the tax treatment does not qualify as income tax (because, for example, the
tax is imposed on a non-income base), the protection provided against double taxation
by double tax agreements could be lost, which, in turn, could hinder growing
international insurance linkages.

The tax liability of a firm in Bangladesh depends on the activity and legal status of the firm's
types. Income tax is varying according to the firm's types of business activity and the legal
status of the firm. According to the Income Tax Ordinance, 1984, the rate of income tax for
insurance companies is:-

Comparison among firms:

Types of Company Rate of taxes on profit

Publicly traded bank, insurance and non-banking financial 40%

institution

Non-publicly traded bank, insurance and non-banking financial 42%

institution

Among the five firms we have chosen, each of the firms are non-public, which means the
firms have to pay 42% tax over their profits. According to Income Tax Ordinance, 1984,
firms must pay minimum tax 0.3% on their gross receipt, if their normal tax liability falls less
than minimum tax.
27
 28

Bangladesh Labor Act, 2006

An Act to consolidate and amend the laws relating to employment of labor, relations between
workers and employers, determination of minimum wage, payment of wages and
compensation for injuries to workers, formation of trade unions, raising and settlement of
industrial disputes, health, safety, welfare and working conditions of workers, and
apprenticeship and matters ancillary thereto.

How insurance firms implement the Bangladesh Labor Act, 2006

 According to the chapter 1, Section 2 (xli) the insurance company falls under commercial
establishment. Commercial establishment means an establishment in which the business
of advertising, commission or forwarding is conducted or which is a commercial agency.
 According to Section 103. Weekly holiday: An adult worker employed in an
establishment
(a) Which is a shop or commercial establishment, or industrial establishment, shall be
allowed in each week one and half day’s holiday and in factory and establishment one
day in a week;
 Section 114 of this law says, Closure of shops, etc.:
(1) Every establishment which is shop or commercial or industrial establishment shall
remain entirely closed for at least one and a half day in each week.
(2) The one and half day on which establishments shall remain entirely closed, shall be
fixed for each area by the chief Inspector.
Provided that the chief Inspector may, from time to time, re fix such day for each area in
the public interest.
(3) No shop shall on any day remain open after the hours of 8.00 O’clock post maritime:
Provided that any customer who was being or was waiting in the shop to be served at
such hour, may be served during the period of thirty minutes immediately following such
hour:
(4) The Government may, on consideration of special circumstances, alter, by
notifications in the official Gazette, the closing hours of shops in any area in any season
on such conditions as may be imposed.
(5) Notwithstanding anything contained in sub-section (4), an adult worker shall cease
 29

(b) In the case of a tea plantation or shop or commercial or industrial establishment, sixty
days;

 (8) For the purpose of this section a worker shall be deemed to have completed a period
of continuous service in an establishment notwithstanding any interruption in service
during that period due to-
(a) Any holiday;
(b) Any leave with wages;
(c) Any leave with or without wages due to sickness or accident;
(d) Any maternity leave not exceeding sixteen weeks;
(e) Any period of lay-off;
(f) A strike which is legal or a lock-out which is not illegal.
 118. Festival holidays:
(1) Every worker shall be allowed in a calendar year eleven days of paid festival holiday.
(2) The days and dates for such festivals shall be fixed by the employer in such manner as
may be prescribed.
(3) A worker may be required to work on any festival holiday, but two day’s additional
compensatory holidays with full pay and a substitute holiday shall be provided for him in
accordance with the provisions of section 103.
 119. Calculation of wages and payment during leave or holiday period : (1) For the
leave or holidays allowed to a worker under the provisions of this Act, he shall be paid at
the rate equal to the daily average of his full time wages including dearness allowances,
and ad-hoc or interim pay, if any, for the days on which he worked during the month
immediately preceding this leave but excluding any overtime allowance and bonus:
Provided that if a worker in any establishment is entitled to cash equivalent of any advantage
accruing from the supply of food grains, it shall be included in his wages.
(2) A worker who has been allowed annual leave for a period of not less than four days in the
case of an adult and five days in the case of an adolescent, at any time, shall, in so far as it is
practicable, be paid his wages for the period of the leave so allowed, before his leave begins.
 121. Responsibility for payment of wages : Every employer shall be responsible for the
payment to workers employed by him of all wages required to be paid under this act:
 30

Comparison among firms

For Agrani Insurance Company Ltd., Sonali Life Insurance Company Ltd., Chartered Life
Insurance Company Ltd., Mercantile Insurance Company Ltd., Islami Insurance Bangladesh
Ltd., this act will apply as they fall under commercial establishment and are non-public
insurance companies
 31

Recommendations for improving the legal system of Bangladesh

insurance companies

Bangladesh's economy is in a very precarious position because the country is prone to natural
disasters such as floods, hurricanes, droughts, and hurricanes. There are also other factors
such as political strikes, and economic issues such as inflation, high-interest rates, tax policy,
withdrawal of laws, etc. which deepens the risk to the economy. However, Bangladesh's,
insurance market is not very big compared to the level of risk. For the insurance industry to
function better and achieve the growth of the industry, it is important to know the factors that
contribute to the low growth of the insurance industry in Bangladesh. This paper presents the
results of a research study that highlights the current state of the insurance industry in
Bangladesh. In this study, many problems were identified such as distrust, illiteracy,
improper compensation of applications, lack of product diversity, lack of information, risk
management, lack of research and development (R&D) cell, insurance problems, etc.
Research. provides recommendations for making the insurance market in Bangladesh viable
and economically viable.

To address the problems and prospects of the insurance business in Bangladesh, previous
studies identified a number of issues such as labor crisis, employment, marketing, and
behavioral problems (Mamun, 2013), lack of knowledge, lack of government guidance, lack
of marketing strategy.

There are some recommendations that might improve the legal system :

Plan for this by budgeting at the top end of the market.

1. Keep your company's loss ratio low.

2. Work on becoming a coveted account to insurers.
3. Choose deductibles that result in the optimal cost of risk.
4. Make sure your values and property limits are accurate.
5. Periodically check for unnecessary coverages.
 32

How to Improve the Insurance Claim Process.

1. Identify Factors Affecting to Insurance Claim Process.

2. Technology & Customer Services.
3. Data Analysis & Correlation with Business.
4. Adherence to Compliance & Regulation.
5. User-Friendly Platforms.

Methods to Improve Customer Service

1. Simplify the Experience. Create a website that could better understand and serve
customers.
2. Connect with Your Clients. No one likes filling out repetitive insurance forms.
3. Be Available.
4. Provide the Right Tools.
5. Allow Customization.

Strategies For Increasing Insurance Customer Engagement

1. Understand before engaging. Customer engagement can't start without understanding

the needs of customers.
2. Create true consumer personas.
3. Apply Intelligence in Customer Engagement.
4. Market in the Digital World.
5. Measure success.
6. Finish off with a survey.
 33

In recent years, Bangladesh has increased in the economic sector but there are a lot of
problems due to government changes. Insurance Companies have increased in recent years
and they are trying to improve their asset quality management and show better financial
performance. The main focus of the insurance sector would be covering more people and
organizations and bringing them into the insurance business.

In the insurance industry, there are several problems like lack of government patronizing,
lack of strong legal framework, lack of trustworthiness, lack of awareness, low income of the
people, lack of attractive offerings, lack of sufficient information, delays in claim settlement,
high service/processing cost, lack of marketing research, lack of product diversification, lack
of efficient workforce, lack of updated system and technology.

The insurance sector in Bangladesh is contributing to the growth and development process of
the business and property by protecting a variety of assets from all types of hazards.
However, the size of the insurance industry in Bangladesh is small but over-institutionalized.
Only by achieving competitiveness, this sector can contribute more to the development of the
economy of the country. Despite all constraints, both in the macro and microenvironment, a
good growth rate and tremendous growth potential reconfirm the brightest prospects of the
insurance sector in Bangladesh. If the insurance sector can be developed at an optimum
level by eliminating the problems identified in the study, it is expected that it will continue to
march forward at an accelerated speed and bring economic benefits to the economy.
 34

Appendix:

Questionnaires:

 How much your firms do follows Bangladesh Labor Act, 2006?

Poor
✘ Fair
Neutral
Strict
Extremely Strict
Doesn’t apply
 Do you think consumer protection law can help in getting compensation properly in
insurance companies?
✘ Yes
No
Maybe
 Do your firms pay 0.3% on gross receipt?
✘ Yes
No
Maybe
 Is the amount of premium that is already determined can change for a General insurance
policy regarding any situation?
Yes
No
✘ Maybe
 35

 Is it possible to transfer any type of insurance from the insured to another person who is
not related to the policy?
Yes
No
Maybe
 Does the organization provide services properly?
✘ Yes
No
Maybe

 Does the firm provide salaries on time?

✘ Yes
No
Maybe
 36

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