In a significant move aimed at enhancing transparency, professionalism, and regulatory discipline within Bangladesh’s insurance sector, the Bangladesh Insurance Development and Regulatory Authority (IDRA) has issued a comprehensive guideline for the appointment of insurance company advisers. Published in a special edition on Wednesday, 21 January 2026, the directive has been effective retroactively from 7 January 2026.
The guideline, titled “Insurance Company Adviser Appointment (Qualifications and Experience) Rules, 2026”, has been formulated under Sections 148 and 81 of the Insurance Act, 2010, with approval from the Government of Bangladesh. Industry experts have noted that this new regulation is expected to resolve longstanding ambiguities in adviser recruitment and ensure a standardised, professional approach to appointments.
Eligibility and Required Experience
Under the new rules, only candidates who meet the specified qualifications and possess relevant experience may be appointed as advisers. IDRA approval is mandatory for all appointments. Candidates may come from diverse professional backgrounds, but they must satisfy the minimum requirements.
| Qualification / Background | Minimum Experience Required |
|---|---|
| CEO or equivalent senior management position | 3 years |
| Internationally recognised insurance or actuarial certification | 3 years |
| Bangladesh Insurance Academy certificate | 6 years |
| Accounting or financial professional certification | 6 years |
| Retired senior government policy-level officer | Relevant experience |
| Professor in relevant university department | Extensive experience |
| Senior management responsibility in a company | 6 years |
Senior management positions include CEO, Managing Director, Additional/Deputy Managing Director, CFO, Company Secretary, Chief Investment Officer, Chief Risk Officer, and Head of Internal Audit & Compliance.
Disqualifications
Certain individuals are deemed ineligible for appointment, including:
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Relatives of founders or directors
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Debtors or insolvent persons
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Individuals convicted of moral or financial offences
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Persons accused under money laundering laws
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Current directors of banks, insurance companies, or other financial institutions
Appointment Process and Term
Companies must submit the reason for appointment, contract, CV, and relevant educational and professional certificates to IDRA. Adviser contracts are limited to a maximum of three years, with an age cap of 76 years, and the positions are not considered permanent employment.
Remuneration and Contract Termination
Remuneration is determined by the board but cannot exceed the CEO’s salary. Although the contract has a fixed term, either party may terminate it with one month’s notice, provided all financial obligations are settled.
Experts assert that these rules are likely to professionalise adviser recruitment, strengthen regulatory oversight, and, in the long term, enhance consumer protection and the overall stability of Bangladesh’s insurance sector.