The  Academy  came  into  being  in  November  1973  through  a  Government  resolution. It  functions  as  an  autonomous  body  under  the  administrative  control   of  the  Ministry  of  Finance. The members of  the Board of Governor (BOG) are drawn from concerned ministries,    regulatory  authorities,  state  insurance  corporations, private  insurance  companies,  insurance  association  and  University of Dhaka with  the  assistance  of  a  Director, the  executive  Head  of  the  Academy,  appointed  by  the  Government. The BOG is  the  highest policy making body of the BIA.