First Party Insurance
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In a developing country like Bangladesh, different insurance companies are playing a
very crucial role in the economic growth. Though insurance industry has significant
prospects in the economy but for some reasons it has failed to achieve its goal to some extent.
There are 62 insurance companies in Bangladesh. As the need of time, the parliament of Bangladesh
passed a new Insurance Act 2010 in March, 2010 in order to reform & modernize the insurance
sector in Bangladesh. Since just after passing a new act to replace the old one, the previous
Insurance Act 1938 became inactive due to pass of Insurance Act 2010. The insurance industry
faced a shock suddenly. In this research, the Insurance Act 2010 has been summarized focusing on
the additions and changes brought by the new act which are different from the former Insurance Act
1938.
