Common use of Exemption from National Insurance Clause in Contracts

Exemption from National Insurance. a) The Company shall obtain insurance from Sadharan Bima Corporation. b) If BPDB needs to purchase any insurance by itself under this Power Purchase Agreement it shall be obtained from Sadharan Bima Corporation according to the Insurance Corporation Act, 1973 as amended by the Ordinance No. L1 of 1984, (Substitution of section 23, Act VI of 1973). c) The company will not be allowed to procure insurance & reinsurance from insurance companies outside Bangladesh unless a certificate has been obtained from Insurance Development & Regulatory Authority (IDRA) to the effect that the risk cover cannot be insured in Sadharan Bima Corporation.