Actuarial Service is essential in Life Insurance Company for Product Designing, Pricing, Mortality Investigation, Reserve Calculation, Valuation etc. But surprisingly in the last four decades the Actuarial Profession in Bangladesh was limited in pricing & valuation only to meet up the Statutory issue. Notable that there were 3 or fewer Actuarial desks in the Life Insurance Industry since 30 March 2012.

After independence of Bangladesh in1971 the only state owned Jiban Bima Corporation (JBC) and General Insurance Corporation (GIC) were established. In 1984 Private Insurance Companies started their Service. In 2000 there were 18 Life Insurance companies including State owned JBC and foreign ALICO.

Recent statistics 2011by Bangladesh Insurance Association reported that Life Insurance business is expanding at an impressive rate of 26.7%.

Parliament on 03 March 2010 passed two insurance laws in a bid to further strengthen the regulatory and make the industry operationally vibrant. The new laws, came in to on 18 March 2010, are Insurance Act 2010 and Insurance Development and Regulatory Authority (IDRA) 2010.

As per IDRA Circular no. Life 02/2012 it was mandatory to open Actuarial Desk in every Life Insurance Company of Bangladesh. As a result Actuarial Desks were opened and Actuarial Students were engaged in these desks. IDRA also imposed some restrictions to the Actuarial Practice in Bangladesh. Out of 2 qualified actuaries 1st one is the FSA serving as the Chairman of IDRA and another one is AIA the Chairman of JBC as well as the consulting actuary of all most private Life Insurance Companies. The recent demand of the Actuarial service in Bangladesh the actuarial students have to face a lot of challenges and opportunities. This Paper is a step to trace out the Challenges and Prospects of the Actuarial Profession in Bangladesh.