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.