The Government has approved a proposal to remove the existing upper age limit for the appointment of the Chairman and members of the Insurance Development and Regulatory Authority (IDRA), the country’s insurance sector regulator. The decision was taken through final approval of the draft “Insurance Development and Regulatory Authority (Amendment) Act, 2026”.
The approval was given at a meeting of the Cabinet held on Thursday (23 April) at the Secretariat. The amendment will come into effect subject to vetting by the Legislative and Parliamentary Affairs Division. The proposal was placed by the Financial Institutions Division.
Under the existing “Insurance Development and Regulatory Authority Act, 2010”, specifically Section 7(3)(g), a maximum age limit of 67 years had been set for the appointment of the Chairman and members of IDRA. This provision has now been proposed for removal.
According to the government, the age ceiling had created legal and administrative constraints in appointing highly experienced and skilled professionals in the insurance sector. Officials stated that the objective of the amendment is to ensure the availability of competent personnel in leadership positions, thereby supporting administrative efficiency and modernisation within the insurance industry.
The government further noted that the removal of the age limit is intended to align with broader public interest considerations and to strengthen regulatory capacity in the sector. The amendment is also presented as a measure to facilitate the appointment of individuals with extensive professional experience who may otherwise be excluded solely on the basis of age.
It has also been stated in the proposal that several neighbouring and Asian countries, including Sri Lanka and Nepal, do not impose a fixed upper age limit for appointments to senior positions in insurance regulatory bodies. The amendment seeks to align Bangladesh’s regulatory framework with such international practices.
Summary of the amendment
| Aspect | Existing provision (2010 Act) | Proposed amendment (2026 draft) |
|---|---|---|
| Age limit for IDRA Chairman and Members | Maximum 67 years | No upper age limit |
| Basis for change | Legal restriction on experienced appointments | Removal to enhance expertise and flexibility |
| Policy objective | N/A | Strengthening regulatory capacity and administrative efficiency |
| International reference | Not applied | Alignment with practices in some Asian countries (e.g., Sri Lanka, Nepal) |
The amendment will become law following completion of the required vetting process by the relevant legal division.