IDRA withdraws administrator from Delta Life

The insurance regulator on Monday withdrew the administrator it appointed earlier in the Delta Life Insurance Company, one of the biggest private life insurers in Bangladesh.
The withdrawal will be effective from Today (Tuesday), the order says.
Now the newly constituted Board will take decisions on its management and other policy issues.
IDRA on the day issued an order signed by its executive director Mr. SM Shakil Akhter.
The IDRA did it in light of the directives of the Supreme Court of Bangladesh.
However, the IDRA in another letter also issued on the day asked the new board of the Delta Life Insurance Company to appoint an observer on its board from the government side. He should be at least joint secretary status.
The Insurance Development & Regulatory Authority (IDRA) first its former member Mr. Sultan-ul Abedin Molla as an administrator in 2021.
After Mr. Molla, it appointed another member Mr. Abdul Kuddus Khan as an administrator of the life insurer. He will transfer the responsibility to the Board today.
The insurance regulator's logic behind appointing Sultan-ul-Abedin Mollah, a former IDRA member, was the unearthing of many rule and regulation breaches, which came to light through special and investigative audits.

jasimharoon@yahoo.com