The bank now becomes the fourth active licenced insurance company in the country.
The entry of BSP into the insurance industry is seen as a positive step to develop and grow the sector.
BSP CEO Robin Fleming was presented the Life Insurance License by Deputy Governor, Gae Kauzi, in Port Moresby, formally recognising BSP Life Limited (BSPL).
Kauzi congratulated BSPL saying the licences are not easy to come by.
He also challenged BSPL to instil strong governance and best practices, which have been lacking in the past in some insurance companies.
