Finance Minister A M A Muhith Monday came down heavily on the insurance industry, saying that the industry is not properly complying with regulatory laws and regulations.

He also said this industry insiders lack ethics, sincerity and training due to long absence of government monitoring.

"We are trying to overcome the situation and giving effort to bring the industry under full regulatory framework," the Minister said while speaking at a programme, organised to mark the 40th anniversary of the Jiban Bima Corporation (JBC) in the city.

Mr Muhith said private sector entered the insurance market considerably after 1980's, but without adequate regulatory watch.

He also observed that instability is being created in the insurance sector, may be, due to some hasty decisions.

"Some insurance companies are defending various laws and regulations, which create instability in the sector. If such defences are too much, the industry would be unstable."

Muhith said the insurance regulator - Insurance Development and Regulatory Authority (IDRA) - should maintain a balance between imposing regulatory actions and ensuring stability.

The finance minister urged the industry insiders to introduce new and innovative insurance schemes for agricultural and informal sectors.

Admitting their failure in implementing crop insurance and health insurance schemes, he urged them to introduce suitable policies for farmers rather than crop insurance.

He praised the JBC's success, as the corporation had started with some loser organisations immediately after the Independence.

State Minister for Labour and Employment Monnujan Sufian urged the ministries concerned to formulate effective promotion rules for the JBC, as there are no such rules, even long after its inception.

She also requested the finance ministry to implement the Pay Scale 2009 in the corporation as soon as possible.

JBC Chairman Dr. Mohammad Sohrab Uddin said according to last valuation the organisation has Tk 1.0 billion surplus, which is a great success.

But the corporation needs manpower in many areas to provide its services properly and uplift the existing business, he added.

JBC Managing Director Parikshit Datta Choudhury proposed annually observing May 14, the day of the corporation's inception, as the Life Insurance Day.

JBC Director Muhd. Azizur Rahman Bachchu and CBA President Hafizur Rahman Bhuyan, Prime Minister's Personal Secretary-1 Nazrul Islam Chowdhury, and President of JBC Officers' Welfare Society Anwar Hossain, among others, also spoke at the programme.