Kathmandu. Bangladesh’s insurance regulator, the Insurance Development and Regulatory Authority (IDRA), plans to implement new rules for the recruitment of CEOs in insurance companies that have been vacant for more than six months.
According to the new rules, the company has to appoint a regular CEO within 6 months of the vacancy and if not, the regulator will send the details of two candidates from the regulatory pool to the company. After that, the board of directors of the company will have to propose to the regulator for the appointment of one of the two candidates.
According to a report in New Age, the new rules were discussed at a recent executive committee meeting comprising IDRA, Bangladesh Insurance Association and Bangladesh Insurance Forum. The IDRA CEO candidate pool will include individuals with at least 12 years of experience in the insurance sector. This includes 1 year as CEO, Additional Managing Director or General Manager of a government-owned insurance corporation or 3 years as Deputy Managing Director. As per the amended rules, candidates seeking to serve as deputy managing directors must have at least 1 year of administrative or non-development experience in the head office.
Currently, 15 insurance companies in Bangladesh have been without CEOs for more than six months. –Agency
