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 the business until 1984. Through the Insurance (Amendment) Ordinance 1984 and Insurance Corporations (Amendment) Ordinance 1984, the government allowed operation of insurance companies in the private sector. In 1990, the government further allowed private sector insurance companies to underwrite 50% of public sector business and the remaining 50% was kept reserved for Sadharan Bima Corporation.

Private insurance companies were also given option to insure 50% of their re-insurable business with any local or foreign insurance companies. SBC distributes 50% of all public sector insurance businesses to private general insurance companies on an equal basis. SBC underwrites private sector business and competes with private companies in the underwriting business. Private insurance companies have the option to re-insure 50% of their re-insurable business with any local or foreign insurance companies. But in practice, they do not exercise the option. Instead, they re-insure 100% of their re-insurable business with SBC, which offers better terms and conditions. SBC also provides insurance coverage to some non-traditional (sometimes, non-profitable) businesses like livestock rearing, shrimp culture, air travel, sickness and dread disease insurance. 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 reinsurance treaties with – the private companies:- SBC Executes reinsurance treaties on yearly basis as par the requirements of the private insurance companies.

5. Overseas reinsurance:- It is executed on yearly basis as par SBC’s reinsurance requirements.

6. Underwriting of large (specialized) risks (non tariff items):- SBC underwrites large risks immediately on getting the proposal from the insured.

7. Settlement of claims:- SBC settles down claims within 90 days after receiving all relevant documents from the insured/claimant, if no complexities arise.

8. Renewal of surveyor’s license:- SBC renews the license of the surveyor’s within 48 hours after receiving the registration certificate from the office of the chief controller of insurance.

9. Car parking facilities: a) Daily facilities: on the spot /within 2 minutes (from 8:00am-10:00pm except holidays).

b) Monthly facilities: Monthly arrangements of car parking could be provided within 24 hours on subject to availability of space.

ORGANISATION STRUCTURE OF SADHARAN BIMA CORPORATION:-
Under the statute, Sadharan Bima Corporation is run by a Board of Directors consisting of 7 members. The chairman and the directors of the Board including the Managing Directors are appointed by the Government. The Managing Director, being the chief executive, conducts and manages the affairs and business of the corporation in accordance with the provisions of the Act, regulations, Government instructions and the resolutions of the Board. He is also guided by the sound commercial principles and business practices.
The present organization structure of Sadharan Bima Corporation is given below:
1. Managing Director - Chief Executive
2. General Manger
3. Deputy General Manager
4. Assistant General Manager
5. Manager
6. Deputy Manager
7. Assistant. Manager
8. Junior Officer
9. Office Staff
10. Total strength

CONCLUSION:-

Sadharan Bima Corporation is committed to meeting the challenges of the economy and the need to ensure financial services to every citizen. On behalf of the government, Sadharan Bima Corporation bears the responsibility to operate general insurance. SBC takes responsibility of man power, office assets and liabilities. It plays an important role in our country.