Bangladesh Sadharan Bima Corporation

Sadharan Bima Corporation

Sadharan Bima Corporation emerged on 14th May, 1973 under the Insurance Corporation Act. (Act. No.VI) of 1973 as the single state owned organization to deal with all classes of General Insurance & Re-insurance business emanating in Bangladesh.

In the pre-liberation days there were as many as 49 privately owned insurance companies underwriting general insurance business along with one central Govt. run-organization, namely, Pakistan insurance Corporation. After liberation the insurance industry was nationalized vide P.O.No. 95 of 1972. By virtue of nationalization order, 5 Corporations were set up to manage the insurance industry of which four were subsidiary corporation two each for life and General and an apex body ,viz., Jatiya Bima corporation as a controlling corporation .

This organizational set up continued till 14th May, 1973 when the insurance Act. VI. of 1973 was enacted establishing Sadharan Bima Corporation (SBC) to take over the assets and liabilities of the two subsidiary Corporation, viz, Karnafuly and Teesta Bima corporation was also dissolved .

Thereafter Sadharan Bima corporation was acting as the sole insurer of general insurance till permission has given to the private company to operate in the field of insurance.