evsjv‡`k †M‡RU, AwZwi³, Ryb 14, 2018 7213

SCHEDULE-1
(See section 21, 23, 118, and 119)
Capital and Deposit

1. Minimum paid-up capital under section 21 :

(a) For life insurance business
(i) In the case of companies At least Taka 30 (thirty) crore of
incorporated in Bangladesh : which 60 (sixty) percent shall be
 subscribed by the sponsors and the
 remaining 40 (forty) percent shall

 remain open for public subscription.

(ii) In the case of companies At least Taka 30 (thirty) crore
incorporated outside which shall be deposited in
Bangladesh : Bangladesh by transfer of fund
 from outside Bangladesh.

(b) For non-life insurance business

(i) In the case of companies At least Taka 40 (forty) crore of
incorporated in Bangladesh : which 60 (sixty) percent shall be
 subscribed by the sponsors and the
 remaining 40 (forty) percent shall
remain open for public subscription.

(ii) In the case of companies At least Taka 40 (forty) crore
incorporated outside which shall be deposited in
Bangladesh : Bangladesh by transfer of fund
from outside Bangladesh.

2. Deposit required under section 23:

(a) For Life insurance business:
Taka 1 (one) crore and 50 (fifty)
lac. In the case of companies
registered before the commencement
of this Act such required amount
shall be deposited within 3 (three)
years from the commencement of
this Act.
 7214 evsjv‡`k †M‡RU, AwZwi³, Ryb 14, 2018

(b) For non-life insurance Taka 2 (two) crore and 50 (fifty)

business: lac. In the case of companies
 registered before the commencement
 of this Act such required amount
 shall be deposited within 3 (three)
 years from the commencement of

 this Act.

3. Working capital of a Co-operative Taka 2 (two) crore and 50 (fifty)

Insurance Society under section 118:
lac. In the case a co-operative
insurance society does not have
such required capital, it will
increase the required capital within
5 (five) years from commencement
of this Act.

4. Working capital of a Mutual Insurance Taka 1 (one) crore and 50 (fifty)

Company under section 118: lac.

5. Deposit to be maintained by a Taka 2 (two) crore and 50 (fifty)

Co-operative Insurance Society lac. Such required deposit must be
under section 119: deposited within 3(three) years from
commencement of this Act.

6. Deposit to be maintained by a Taka 30 (thirty) lac.

Mutual Insurance Company under
section 119: