The government has appointed four new members of Insurance Development and Regulatory Authority (IDRA), the insurance sector regulatory body. On Monday (December 2), the Financial Institutions Department of the Finance Ministry issued four separate notifications appointing them.

Those who have been appointed as members are the Chief Executive Officer of Far East Islamic Life Insurance. Apple Mahmud (Life), former Chief Executive Officer of Meghna Insurance Mohammad Abu Bakar Siddique (Non-Life), former Additional Secretary Md. Fazlul Haque Member (Administration) and former Senior District and Sessions Judge Tanzina Ismail (Law).

According to the notification, the employment of the new four members will be on contractual basis. Their tenure will be maximum 3 years. This period will be counted from the date of joining. But they can work up to the maximum age of 67 years. They must disassociate themselves from all other organizations before joining as members of IDRA.

The posts were lying vacant since November 7 as four members resigned before the expiry of their tenure on the orders of the interim government. Two of those four members’ contracts are due to expire after another seven months. One had a year and a half left on his contract. Another joined last January, whose term was set to expire in 2027. The four who resigned are Biswajit Bhattacharya, Md. Dalil Uddin, Md. Nazrul Islam and Kamrul Hasan.