|SADHARAN BIMA CORPORATION|
Sadharan Bima Corporation is only state-owned General Insurance Corporation operating under the direct control and supervision of the Ministry of Finance, Government of the People′s Republic of Bangladesh. It emerged on 14th May, 1973 under the Insurance Corporation Act (Act No. VI) of 1973 to deal with all classes of general insurance & re-insurance business emanating in Bangladesh.
Thereafter, SBC was acting as the sole insurer of general Insurance till 1984. In the year 1984 Bangladesh Government allowed insurance Companies in the private sector and to that effect promulgated the insurance Corporations (Amendment) Ordinance 1984.
Different types or policies may be issued for different types of Motor Vehicles. Motor Vehicles are usually classified in the following manner:-
Private Cars, Commercial Vehicles, Motor Cycles, Agricultural Vehicles, Motor Trade Vehicles.
Motor policies issued are usually of the following types irrespective of the class of vehicles:
a) Comprehensive Policy.
b) Act Only Liability Policy.