Dhaka: Insurance Development and Regulatory Authority (IDRA) has mandated that all insurance companies must obtain prior approval from the regulatory authority before using the chief executive officer (CEO) title.
According to Bangladesh Sangbad Sangstha, IDRA has further instructed that no individual can be appointed as CEO on a current charge basis, nor can they use the title without its explicit permission. The insurance regulator issued a circular today detailing these directives.
The circular specifies that until IDRA approves the appointment of a CEO, an additional managing director may be temporarily assigned the responsibilities and title of "CEO (in-charge)." Furthermore, it states that no officer below the rank of CEO or CEO (in-charge) is authorized to sign any official correspondence directed to IDRA.