Bangladesh, July 8 -- Information and Broadcasting Minister Zahir Uddin Swapon yesterday said bringing the insurance sector under a strong and well-defined legal framework is essential to restore public confidence and accelerate the pace of the modern economy.

He said, "No modern economic transaction can operate solely on the basis of trust or distrust. A time-befitting legal framework must be developed to assure citizens and enhance public confidence in this sector."

The minister said this while addressing as the chief guest the 42nd founding anniversary programme of National Life Insurance PLC at the Officers' Club in the capital on Tuesday.

He said, "Insurance is not only a service-oriented activity, it is also one of the key compo...