Call to scrap provision of holding twin directorship at ins cos, FIs

FE Report The country 's insurers Monday urged the insurance regulatory body to take initiative to scrap the provision of holding simultaneous directorship at insurance companies or financial institutions. Earlier, the Insurance Development and Regulatory Authority (IDRA) suspended such simultaneous system which sparked criticism in the industry. Chairmen and managing directors of country 's life and non-life insurance companies attended two separate meetings held at the Metropolitan Chamber of Commerce and Industry conference room in the city. IDRA Chairman M Shefaque Ahmed (Actuary), its members were present in the meetings. "You are our guardian, please, take initiative to scrap this system from the insurance act of 2010," said chairman of an insurance company. The parliament enacted the Insurance Act, 2010 disqualifying an individual director of an insurance company from becoming director of a banking company or financial institution at a time. Continued to page 20