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PROGRESLIF

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PROGRESLIF 17-Feb-2020

(Continuation news of PROGRESLIF): immediately preceding the date of investment or for at least four out of past seven years immediately preceding the date of investment. During the year 2017, the Company has invested BDT 14,932,444 beyond the aforementioned provision because the Company prudently thinks that said investment would be profitable in future. k) In note 18 of the financial statements, PLICL disclosed that PLICL recognizes outstanding premium (cont. 31)

PROGRESLIF 17-Feb-2020

(Continuation news of PROGRESLIF): Book value of Investment in listed shares was Taka 67,979,205 and Market value (quoted price) of Investment in listed shares was Taka 66,171,809. According to Rule 10 A (1) (e) (i) of the Insurance Rules, 1958, investment of balance assets in any other investment including capital market shall be made in ordinary shares of such company, where dividends of not less than 10% including bonus have been paid on such shares for the past three years (cont. 30)

PROGRESLIF 17-Feb-2020

(Continuation news of PROGRESLIF): 10% including bonus have been paid on such shares for the past three years immediately preceding the date of investment or for at least four out of past seven years immediately preceding the date of investment. During the year 2018, PLICL has invested BDT 14,932,444 beyond the aforementioned provision because PLICL prudently thinks that said investment would be profitable in future; and Note 14.4.2 - Investment in listed shares (as at 31st December 2017): (cont. 29)

PROGRESLIF 17-Feb-2020

(Continuation news of PROGRESLIF): accordance with Section 32 and Section 26(3) respectively of the Insurance Act, 2010. j) In note 14.4.2 of the financial statements, PLICL stated the reason for not following the rule mentioned in the Insurance Rules, 1958, rule 10A(1)(e)(i). According to Rule 10A(1)(e)(i) of the Insurance Rules, 1958, investment of balance assets in any other investment including capital market shall be made in ordinary shares of such company, where dividends of not less than (cont. 28)

PROGRESLIF 17-Feb-2020

(Continuation news of PROGRESLIF): Note 4.10 - Report to the Authority (IDRA): As legal proceeding is running in the Honorable High Court division of Supreme Court of Bangladesh in the name of the Company's affairs which are yet to be resolved. Due to this reason, The Company could not provide the financial statements and auditor's certified copy on details of deposited money and assets of the "Life Insurance Fund" within 6 months from the end of year 2017 to the authority in (cont. 27)

PROGRESLIF 17-Feb-2020

(Continuation news of PROGRESLIF): Supreme Court of Bangladesh in the name of PLICL's affairs which are yet to be resolved. Due to this reason, PLICL could not provide the financial statements and auditor's certified copy on details of deposited money and assets of the "Life Insurance Fund" within 6 months from the end of year 2017 to the authority in accordance with Section 32 and Section 26(3) respectively of the Insurance Act, 2010, which disclosed in note 4.10 to the financial statements; (cont. 26)

PROGRESLIF 17-Feb-2020

(Continuation news of PROGRESLIF): in the Honorable High Court division of Supreme Court of Bangladesh on the name of the Company's affairs which are yet to resolve. On October 02, 2019 the Company has been appointed Dr. Mohammad Sohrab Uddin, Ph.D, AlA, Consulting Actuary, to Complete Actuarial valuation of the policy liabilities as at 31 December 2016, 2017 and 2018 respectively. i) As legal proceeding is running in the Honorable High Court division of (cont. 25)

PROGRESLIF 17-Feb-2020

(Continuation news of PROGRESLIF): as at 31 December 2016, 2017 and 2018 respectively; Note 4.09 - Actuarial Valuation and Investigation: The Company does not make actuarial valuation and investigate its financial status of the life insurance business by an actuary according to the regulatory procedure and in a prescribed manner for the year 2016 and 2017 in accordance with Section 30 of the insurance Act, 2010. Because, legal proceeding is running (cont. 24)

PROGRESLIF 17-Feb-2020

(Continuation news of PROGRESLIF): and in a prescribed manner for the years 2016 and 2017 in accordance with Section 30 of the Insurance Act, 2010, because, legal proceeding is running in the Honorable High Court division of Supreme Court of Bangladesh in the name of PLICL's affairs which are yet to be resolved. On October 02, 2019 PLICL has appointed Dr. Mohammad Sohrab Uddin, Ph.D, AlA, Consulting Actuary, to Complete Actuarial valuation of the policy liabilities (cont. 23)

PROGRESLIF 17-Feb-2020

(Continuation news of PROGRESLIF): Company's affairs which are yet to be resolved. Due to this matter, the Company does not file Schedule-X: "annual list of members and summary" to the Registrar in each year since 2013 according to Section 36 of the Companies Act, 1994. h) As disclosed in note 4.09 to the financial statements, PLICL does not make actuarial valuation and investigate its financial status of the life insurance business by an actuary according to-the regulatory procedure (cont. 22)

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