The government reserves the right to impose reciprocity clauses on insurance companies from countries where restrictions are imposed on Bangladeshi insurance companies. 
"4. Restriction on transaction of insurance and reinsurance business.
(1) No person shall be permitted to carry oninsurance or reinsurance business in Bangladesh except for the following companies or societies, namely :
(a) a public limited company under the Company Act; 
(b) cooperative societies registered under the Cooperative act having registration as an insurer under the Insurance act, 1938 immediately before this act coming into force; and 
(c) a statutory insurance company formed under the law of any country outside Bangladesh not being of the nature of a private company or a subsidiary of a private company. 
(2) No mutual insurance company shall transact a nonlife insurance business under this Act.
5. Classification of insurance business.
(1) For thre purposes of this Act, there shall be two classes of insurance business to be called life insurance and nonlife insurance. 
[...]
8. Registration certificate, etc.
(1) No person shall, without obtaining a registration certificate from the Authority, carry on any insurance business under this Act : [...]
(2) Any person willing to carry on any life insurance on nonlife insurance business shall have to apply to the authority for registration certificate in such form and manner as may be prescribed by regulations. [...]
(5) An applicantion for registration certificate under this section shall be accompanied by the following documents, papers and information, namely : [...]
(e) in the case of an insurer having its principal office of business or domicile outside Bangladesh, a statement verified by an affidavit made by the Chief Executive Officer of the insurer setting forth the requirements, if any, not applicable to nationals of that country in which such insurer is constituted, incorporated or domiciled which are imposed by the laws or practice of that country upon Bangladeshi nationals as a condition of carrying on insurance business in that country;
22. Foreign sponsor’s share.
Any foreign sponsor may, subject to such conditions as may be prescribed by rules, subscribe to, or hold the shares of, an insurance company and the shares held by him shall not exceed the maximum limit to be determined by the Government. 
[...]
SPECIAL PROVISIONS FOR EXTERNAL COMPANIES
Article 113. Power of Government to impose reciprocal disabilities on non-Bangladeshi companies.
Where, by the law or practice of any country outside Bangladesh, in which insurers are subject to certain special conditions for carrying on insurance business in that country and those conditions are also applicable to insurers constituted or incorporated in Bangladesh; in such cases, the Government shall, if satisfied of the existence of such special requirement, by Gazette notification, direct that the same requirement, or requirements as similar thereto as may be, shall be imposed upon insurers of that country as a condition of carrying on the business of insurance in Bangladesh.[...]" (ACT No. 13 of 2010 on Insurance)
ACT No. 13 of 2010 on Insurance
[<a href="https://idra.portal.gov.bd/sites/default/files/files/idra.portal.gov.bd/law/ae93f691_281b_4efb_998d_d5462025f99e/Insurance%20Act%202010%20english%20version.pdf">Act</a>]