The Insurance Act 2010 for Non-Life Insurance; Problems & Prospects of Peoples Insurance Company Limited

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Internship Report
“The Insurance Act 2010 for Non-life Insurance; Problems & Prospects of Peoples Insurance Company Limited”

Submitted To:
Sharmin Shabnam Rahman Lecturer BRAC Business School, BRAC University

Prepared & Submitted By:
Name Shamima Aktar Student ID 08104057

Date of Submission: May 20 , 2012

“The Insurance Act 2010 for Non-life Insurance; Problems & Prospects of Peoples Insurance Company Limited”

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Letter of Transmittal
May 20, 2012 Sharmin Shabnam Rahman Lecturer, BRAC Business School, BRAC University Subject: Submission of Internship Report (BUS-400). Dear Madam, With due respect, I would like to inform you that, I have completed my internship at Peoples Insurance Company Limited. Throughout the internship period, I have found the company getting ready to adopt with changes brought by the Insurance Act 2010. Hence, I chose ―The Insurance Act 2010 for non-life insurance; the Problems & Prospects of Peoples Insurance Company Limited‖ as the topic of my internship report. In order to prepare the report, I have collected required information through qualitative research and finally completed the report which is now ready to submit. It was really enjoyable to work on the report as it has provided me with an opportunity to know about realistic fact of the influence of Insurance Act 2010 on the overall operation of PICL. I have learned a lot about the non-life insurance industry after preparing this term paper and got the chance to apply my theoretical knowledge learnt from the university courses. It was a great pleasure for me to work on such a challenging and practical topic.

I shall be highly glad if you kindly receive this report and provide your valuable judgment. It would really be my immense pleasure if you find this report useful and informative. Sincerely yours,

____________ Shamima Aktar Student ID-08104057

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Acknowledgement
The successful completion of this report on “Insurance Act 2010, and the Problems & Prospects of Peoples Insurance Company Limited” has been possible for many helping hands. However, the space inadequacy does not allow me to mention everybody individually. At first, I would like to thank Mr. Nanda Dulal Saha, FCA (Associate Director, Internal Audit, BRAC) who has helped me getting the internship opportunity at Peoples Insurance Company Limited. I am very thankful to Mr. Sib Sankar Saha, FCA (Associate MD & CFO) & my on-site supervisor, who helped me a lot in understanding the important practical role and procedures of Finance & Accounts in any organization. I would like to express gratitude to him and his company (PICL), since they opened a great platform for me to learn & grow. My special thanks and sincere gratitude go to M.H. Khaled (Managing Director & CEO), Mr. Abdullah-al-Mobin (Assistant General Manager, F&A), Mr. Abdul Awal Saleh (Manager, F&A), and Mr. Ch. Hamid Gaffar (Company Secretary) of the corporate office of PICL,

Bangladesh for providing me with necessary information for preparing the report. And, of course, my heartfelt gratitude and respect goes to Ms. Sharmin Shabnam Rahman, my academic supervisor of the Internship Program (BUS 400) of BRAC University. I sincerely appreciate her interest and valuable guidance in preparing this resourceful report and the significant assistance in choosing the topic of my report. I would like to thank her for the proper direction through valuable discussions and personal advice & support; and especially for the valuable feedback before submitting the final report. Lastly, I would like to thank BRAC Business School and Career Services Office (CSO) of BRAC University for the development of such an important & firm curriculum of the internship program required for BBA.

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Executive Summary
The report on “The Insurance Act 2010 (for non-life insurance business) and the problems & prospects of Peoples Insurance Company Limited” has been prepared based on qualitative research as required...
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