B Mirror Report: The Insurance Development and Regulatory Authority (IDRA) has made specific educational and professional qualifications mandatory for the appointment of chief financial officers (CFOs) at insurance companies, requiring regulatory approval before appointments take effect.

The directives were issued in GAD Circular No. 21/2026 on Wednesday, October 28. The circular, issued in the public interest, took immediate effect and applies to both newly appointed and incumbent CFOs.

According to the circular, qualified and professional CFOs are essential to ensuring financial governance, transparency and accountability in the insurance sector. IDRA said the instructions were issued in line with its responsibilities under Section 56(c) of the Insurance Development and Regulatory Authority Act, 2010.

Under the directive, candidates for the CFO position must meet any one of seven specified educational and professional qualification criteria.

Eligible candidates must be fellows or associates of the Institute of Chartered Accountants of Bangladesh (ICAB), the Institute of Chartered Accountants in England and Wales, or the Association of Chartered Certified Accountants (ACCA).

Candidates holding certification as a Certified Public Accountant in the United States or Canada will also qualify. Membership as a fellow or associate of the Institute of Cost and Management Accountants of Bangladesh (ICMAB), or certification as a Chartered Financial Analyst (CFA) in the United States, will also meet the requirements.

The seventh route allows candidates with professional accounting qualifications obtained outside Bangladesh, provided those qualifications are recognised by either ICAB or ICMAB.

The circular requires insurance companies to submit applications to IDRA for approval before appointing a CFO. Applications must include detailed information on the candidate’s qualifications and experience. An appointment will take effect only after the authority grants approval.

The same qualification requirements will apply to existing CFOs. Insurance companies must submit applications seeking approval for their incumbent CFOs, along with details of their qualifications, by November 30, 2026, if they meet the prescribed criteria.

If an incumbent CFO does not meet the requirements, the insurer must appoint a suitably qualified replacement by November 30, 2026.

The directive is intended to strengthen financial governance and accountability across the insurance industry.