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The Insurance Corporations Act, 1973

( ACT NO. VI OF 1973 )

1[23A. (1) Every insurer registered and carrying on insurance business in Bangladesh shall re-insure, on generally acceptable terms and conditions, such portion of his insurance business as he cannot retain on his own account.
(2) Fifty per cent of the re-insurable general insurance business shall be re-insured with the Sadharan Bima Corporation and the remaining fifty per cent of such business may be re-insured either with that Corporation or with any other insurer whether in or outside Bangladesh.
(3) The whole or any portion of the re-insurable life insurance business may be re-insured with any insurer outside Bangladesh.
(4) Whoever contravenes the provisions of this section shall be punishable with fine which may extend to ten thousand taka.]]

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    Section 23A was substituted by section 3 of the Insurance Corporations (Amendment) Act, 1990 (Act No. XXIX of 1990)
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