The Bangladesh insurance regulator, Insurance Development and Regulatory Authority (IDRA) plans to introduce new rules for filling CEO positions that remain vacant for more than six months, reported the New Age.
The new rules require a company to appoint a regular CEO within six months period of it becoming vacant, and if not complied with, the regulator will send details of two candidates to the company from the regulatory pool. The board of directors must then propose one of the two candidates to the regulator for appointment.
The new rules were discussed at a recent executive committee meeting with the IDRA, the Bangladesh Insurance Association, and the Bangladesh Insurance Forum. The IDRA’s CEO candidate pool will include those with at least 12 years of experience in the insurance sector, including either one year as a CEO, additional managing director or general manager of a state-owned insurance corporation, or three years as a deputy managing director. For candidates serving as deputy managing directors, the amended rules also require at least one year of administrative or non-development experience at the head office.
Currently 15 insurance companies in Bangladesh are operating for over six months without a CEO.