Public Property to be insured with the Sadharan Bima Corporation only
[23. [(1) Fifty percent of all insurance business relating to any public property or to any risk or liability appertaining to any public property shall be placed with the Sadharan Bima Corporation and the remaining fifty percent of such business may be placed either with that Corporation or with any other insurer in Bangladesh.]
(2) Any policy of insurance taken or issued in contravention of sub-section (1) shall be void:
Provided that any claim for loss, damage, compensation or refund of premium arising out of, or relating to, such policy shall be binding on the insurer.
(3) In this section, “public property” means-
(a) any property movable or immovable which belongs to, or the protection of which is the legal responsibility of,-
(i) the Government or a local authority; or
(ii) any company, firm, undertaking, institution, organisation or other establishment which is managed or controlled by the Government or a local authority or in which the Government, by itself or jointly with a local authority or company managed or controlled by it, holds controlling financial share or interest or which is specified by the Government for the purpose of this section; and
(b) a project financed out of an external loan or with external aid until it reaches-
(i) in the case of an industrial project, the stage at which it is capable of commencing normal production; and
(ii) in the case of any other project, the stage at which it is capable of being put to the use for which it is intended.