IDRA comes to life as Shefaque takes the helm again

The office of the Insurance Development and Regulatory Authority (IDRA) has come to life after the reappointment of M Shefaque Ahmed as its chairman. He joined work on Wednesday.
The insurance regulator's top post has remained vacant almost four months.
Insurance industry people said the IDRA was virtually non-functional over as its key member posts were also lay vacant over the past four months.
They said the authority should now finalise rules relating to the Insurance Act of 2010 to effectively police the sector through further discipline.
Sheikh Kabir Hossain, president of Bangladesh Insurance Association (BIA), told the FE: "We think that the sector will start full functioning after appointment of a full time chairman."
Mr. Hossain said the BIA, a group of 68-privately-owned insurance firms, will extend cooperation to make sure that IDRA functions well.
He said the chairman is experienced in the field. "He (Shefaque) has served the IDRA for three years and knows pros and cons on how to regulate the industry."
Mr Hossain, also chairman of Sonar Bangla Insurance Co., said the government should appoint another member for the IDRA, which has remained vacant for long.
PK Roy, managing director at the Rupali Insurance Co., told the FE: "The IDRA actually did not function more than one year as many did not cooperate the chairman."
He said the chairman now should finalise the rules, drafted earlier, under the insurance act of 2010.
He said rules in terms of solvency margin, limitation of management expenses and special auditing should be finalised immediately for the effective control of the sector.
Mr Roy said the government has made its right choice by appointing a full-time chairman for the sector.
He said the IDRA took many steps, but those were not implemented because of the absence of its key people.
The government formed the IDRA in January 2011, replacing the department of insurance, the predecessor.
The authority is responsible for protecting the rights of policyholders and 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 levies fees, fines and other charges to carry out the purposes of the insurance Act of 2010.