CDBL vs Bima Tathya

Central Depository Bangladesh Limited (CDBL) was incorporated on 20 th August 2000 sponsored by the country's Nationalized Commercial Banks (NCBs), Investment Corporation of Bangladesh (ICB), Private Commercial Banks (PCBs), Foreign Banks, Merchant Banks, Publicly listed Companies, Insurance Companies and Dhaka & Chittagong Stock Exchanges with the collaboration of the Asian Development Bank (ADB). Legal basis for CDBL's operations is set out in the Depositories Act 1999, Depositories Regulations 2000, Depository (User) Regulations 2003, and the CDBL by-laws. CDBL's core services cover the efficient delivery, settlement and transfer of securities through computerized book entry system i.e. recording and maintaining securities accounts and registering transfer of securities; changing the ownership without any physical movement or endorsement of certificates and execution of transfer instruments. The Central Depository System (CDS) operated by CDBL has proved to be a convenient and reliable means to settle securities transaction. The investor has been freed from the hassles of physical handling of certificates, errors in paper work and the risks associated with damaged, lost and forged certificates. Live operations of the CDS commenced with the inauguration of the Electronic Government Securities Registry (EGSR) by the Governor of Bangladesh Bank on 20 th October 2003. The EGSR also serves as a platform for secondary market sale/purchase as well as Repo transactions of government securities to commercial banks linked online to the CDS. Equity market securities de materialization process i.e. eliminating physical certificate as record of security ownership by substituting it as an electronic book entry record in the CDS commenced on 24 th January 2004 with the entry of Square Pharmaceuticals Limited into the CDS. CDBL has achieved an ISO/IEC 27001:2013 certificate on Information Security Management System conforming to the specifications of ISO/IEC 27001:2013 and the best practices adopted in ISO/IEC 27002:2013.

Insurance Development and Regulatory Authority (IDRA) started its journey on January 26, 2011 with a mandate to protect the interests of policyholders, and to regulate, promote and ensure orderly growth of the insurance industry of Bangladesh Over the years IDRA has taken various measures to uphold its responsibility towards policyholders and insurers alike. As part of its ongoing initiatives, IDRA has recently introduced a digital platform to provide policyholders and insurers a multitude of online services, and to bridge any information gap that might exist between IDRA, insurers and policyholders. This digital platform is known as Unified Messaging Platform(UMP).This is not only just a messaging platform but also a building block towards realizing our national goal of providing digital services (Policy-Repository, e-Receipt, e-KYC, e-Agent Approval, BI Tools, actuarial valuation, SMS, Email, Policyholder Web Portal, Policyholder Mobile App etc) for every possible aspect of life. “UMP Policyholder Mobile App” aims at providing vital information and services for policyholders. IDRA is gradually converting crucial information for each policy into a digital format known as e-policy which will be centrally stored by IDRA. An e-policy will contain information such as the policyholder profile, policy terms, premium payment history, policy status etc. A policyholder can view up-to-date information about his/her policy through the “UMP Policyholder Mobile App”.This Platform is expected to help alleviate any information gap that might arise between a policyholder and the policy provider, the insurance company. This direct communication between policyholders and IDRA is touted to increase trust and loyalty between an insurer and its customers.