The Insurance Development and Regulatory Authority (IDRA) is facing serious allegations of misconduct following a prolonged dispute with Dr. Bishwajit Kumar Mandal, former Chief Executive Officer of Homeland Life Insurance. The controversy has sparked questions over regulatory practices, assurances given to executives, and the limits of authority under the Insurance Act 2010.
Dispute Overview
Dr. Mandal was removed from his CEO position in October 2023 during the tenure of then-IDRA Chairman Mohammad Zainul Bari. The official justification cited a failure to provide information to a special auditor—a violation under Section 50 of the Insurance Act 2010, interpreted as compromising customer interests.
Legal observers have noted that the law neither clearly defines “customer interest compromise” nor provides precedent for penalising executives for failing to submit information to auditors. Sources close to the case claim the real conflict stemmed from London-based Sylhet directors demanding long-standing financial benefits, which Dr. Mandal deemed unlawful and refused to grant.
Following his removal, Dr. Mandal challenged IDRA’s decision in the High Court, which issued an interim suspension of the removal order on 17 December 2023. This prevented both his reinstatement and Homeland Life from appointing a new CEO, creating a legal stalemate.
Litigation and Assurances
In September 2024, Dr. Mandal joined Jamuna Life Insurance as CEO, applying for regulatory approval. IDRA rejected the request due to the pending Homeland Life litigation, prompting Dr. Mandal to file a second writ petition (No. 6657/2025), which was temporarily stayed by the High Court.
After multiple discussions, Dr. Mandal submitted a letter to IDRA on 24 November 2025 offering to withdraw both cases if the removal order was rescinded and he was reinstated. IDRA members Abu Bakr Siddiq (Non-Life) and Apel Mahmud (Life) reportedly assured him verbally that the withdrawal of litigation would guarantee reinstatement. Acting on this assurance, Dr. Mandal withdrew both lawsuits.
Revised Order and Controversy
Contrary to these assurances, IDRA issued a revised removal order on 1 March 2026, nearly three months later. The amended order included four new conditions: Dr. Mandal is barred from holding executive positions at Jamuna Life and Homeland Life for one year. After this period, he may serve as CEO elsewhere but can take non-executive roles in other insurance companies immediately.
Dr. Mandal has described the conduct of IDRA officials as “regulatory deception,” warning that such actions undermine professional confidence in the sector and may hinder development.
Timeline of Key Events
| Date | Event |
|---|---|
| 16 Oct 2023 | Removal as CEO, Homeland Life Insurance. |
| 17 Dec 2023 | High Court suspends removal order; CEO appointment frozen. |
| Sept 2024 | Joins Jamuna Life Insurance; IDRA rejects approval. |
| 9 Nov 2025 | Submits conditional withdrawal letter to IDRA. |
| 12–13 Nov 2025 | Verbal assurances received from IDRA members. |
| 24–25 Nov 2025 | Lawsuits formally withdrawn; certified copies submitted. |
| 7 Jan 2026 | Unconditional apology submitted to IDRA. |
| 1 Mar 2026 | Revised removal order issued with four conditions. |
Legal and Regulatory Context
Section 50 of the Insurance Act 2010 authorises IDRA to remove executives for acts compromising customer interests and allows amendment or revocation of removal orders. However, the imposition of conditions is discretionary and not mandatory. Dr. Mandal contends that IDRA’s revised order violated assurances he received, effectively constituting regulatory malfeasance.
Attempts to obtain comments from IDRA members Abu Bakr Siddiq and Apel Mahmud were unsuccessful, with front-desk interview requests declined at headquarters.