Tax Structure Of Bangladesh Essay

972 words - 4 pages

INTRODUCTION:

Sadharan Bima Corporation is one of the pioneer organizations of Bangladesh that introduced the information technology in serving their business. It is committed and dedicated to provide the best and prompt service to its clients. Sadharan Bima Corporation (SBC) established on 14 May 1973 under the Insurance Corporation Act 1973. Its authorized capital was Tk 50 million, later raised to Tk 200 million by the Ordinance VIII of 1986. In 1999, the paid capital of the corporation was Tk 100 million, which was fully subscribed by the govern As the single state-owned institution to handle all types of general insurance business in Bangladesh, Sadharan Bima Corporation did 100% of ...view middle of the document...

In addition, the corporation manages the export credit guarantee scheme.

The management of the corporation is vested in a 7-member board of directors appointed by the government of Bangladesh. Chief executive of the corporation is the managing director, who is assisted by 5 general managers, 7 deputy general managers and 10 assistant general managers. There are six different departments in the SBC. These are: (a) Administration, Establishment and Real Estate, (b) Finance and Accounts, (c) Head Office Claims, (d) Reinsurance, (e) Underwriting, Planning and Development, and (f) Export Credit Guarantee Scheme. The corporation has 1,694 employees. Its head office is at Dhaka and it has six regional offices at Dhaka, Chittagong, Rajshahi, Khulna, Narayanganj, and Comilla, two regional offices at Sylhet and Mymensingh, and 108 branch and unit offices throughout the country.

OBJECTIVES OF SBC:-

SBC is committed to conduct all its operations in a manner that is protective of the environment, health and safety of employees, customers and the community. In fulfillment of these commitments, SBC maintains a continuing effort to adhere to the following principles:

Develop its employees by encouraging empowerment and rewarding innovation. Promote an environment for learning and personal growth of its employees by providing training within the country and abroad.

Endeavor to attain a position of leadership in each category of its business. SBC is committed to ensuring its business to conduct in accordance with high ethical, professional, legal standards and good corporate governance practices.

Aim to achieve business excellence by understanding, accepting, meeting and exceeding valued clients expectations. SBC will determine its client’s needs and have a commitment to provide high quality services to meet them.

FEATURES OF SBC:-

1. Issuance of insurance policy (Tariff business):-
SBC issues insurance policy with in 24 hours from the receipt of premium.

2. Issuance of insurance policy (Non tariff business):-
In non tariff business policy is issued within 24 hours after getting proper documents and premium from the insured.

3. Specialized underwriting:-
SBC executes underwriting yearly according to the demand of the insurer.

4. Renewal of...

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