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-organisation, namely, Pakistan
insurance Corporation. After liberation the insurance industry
was nationalised vide P.O.No. 95 of 1972. By virtue of nationalisation
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 organisational 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.
