The top four posts out of five including chairman at the country's insurance regulator -- Insurance Development and Regulatory Authority (IDRA) -- have fallen vacant.
Currently, the country's key regulatory office that initiated major reforms in the insurance industry since 2011 has now only one member as another member post fell vacant Wednesday.
Sources at the IDRA said the routine and major policy-related work is being affected adversely following lack of its top officials.
However, the government issued an order Wednesday giving current charges of the post of chairman to Md Fazlul Karim, the lone existing member at the IDRA.
The post of chairman at the IDRA remained vacant for the last three days as the three-year contractual appointment of M Shefaque Ahmed had expired on January 26 last.
The appointment of Naba Gopal Banik, a member of the IDRA, expired Wednesday.
Nurul Islam Molla, another member, went on retirement on the grounds of the 67-year age bar in December last.
The contractual appointment of Syed Ahmed, another member at the IDRA, expired in April 2013, leaving the vital post vacant for about ten months.
When contacted Md Fazlul Karim told the FE: "I've been formally assigned for performing as CC (current charges) at the regulatory office."
He said: "We need chairman and other required members as soon as possible to regulate the insurance industry."
Mr Karim said major activities of the regulatory body will remain virtually stopped until the formation of a full-fledged board.
According to Insurance Development and Regulatory Authority Act, at least three members including the chairman are required to fulfil the quorum.
However, Naba Gopal Banik told the FE: "I did not get any extension order of my job. So my contractual appointment came to an end today (Wednesday)."
The government constituted the IDRA to regulate and develop insurance business in the country through enacting an act in the parliament.
The government formed the IDRA in January 2011, replacing the department of insurance.
It is responsible to protect the rights of policyholders. IDRA provides certificates of registration to insurance companies. It frames regulations on protection of policyholders' interests.
It offers policyholders the right to voice their complaints against insurers or insurance companies.
It specifies the requisite qualifications for managing directors and sets code of conduct for insurance firms, agents and others concerned.
It fines, levies fees and other charges to carry out the purposes of the insurance Act of 2010.
Top four IDRA posts remain vacant
Jasim Uddin Haroon | Published: January 30, 2014 00:00:00 | Updated: November 30, 2026 06:01:00
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