In a decisive move to address the shortage of qualified human resources in Bangladesh’s insurance sector, the Insurance Development and Regulatory Authority (IDRA) has introduced significant amendments to its 2012 regulations governing the appointment and removal of Chief Executive Officers (CEOs). The amendment notification was officially issued on 22 December 2025.
According to IDRA, several insurance companies currently have vacant CEO positions for extended periods. However, officers serving as Additional Managing Directors (Additional MDs) and Deputy Managing Directors (DMDs) possess sufficient expertise to perform these responsibilities. The regulatory authority emphasises that the amendments aim to simplify the recruitment process while broadening the pool of potential candidates.
Under the revised rules, eligibility and experience requirements for the CEO position have been relaxed. The following categories of professionals are now eligible to apply:
| Candidate Type | Relaxation of Eligibility Criteria |
|---|---|
| Senior officers of general and life insurance corporations | Applicable |
| Additional Managing Directors and Deputy Managing Directors of insurance companies | Applicable |
| Senior management personnel in international multinational insurance companies | Applicable |
| Holders of professional designations such as ACII, CPA, CFA, CLU, ICAB, ACCA, ICMAB (Fellow/Associate) | Applicable |
In addition, the timeline for submitting CEO appointment or renewal applications, as well as for IDRA’s decision, has been extended from 15 days to 60 days. IDRA anticipates that this will make the recruitment process more transparent and efficient.
Another critical aspect of the amendment is its anti-corruption provision. Individuals previously removed from any insurance company or financial institution for misuse of authority, corruption, money laundering, or financial irregularities, or whose CEO applications were rejected, will be barred from being appointed as CEOs in any other insurance company.
IDRA officials expressed optimism that the amendments would expand the candidate pool for CEO positions, mitigate the shortage of skilled human resources, and enhance transparency and accountability in the insurance sector. In the long term, they expect these measures to bolster public trust and contribute to the stability and competitiveness of Bangladesh’s insurance industry.