No one can be appointed as Chief Executive Officer (CEO) in an insurance company. At the same time, no one can use the title of Chief Executive Officer without the approval of the Insurance Development and Regulatory Authority (IDRA). A directive in this regard was issued by IDRA on Thursday (March 6). It was signed by Director Mohd. Abdul Majid.
The instructions given are – no one can use the title of Chief Executive Officer unless approved by the Insurance Development and Regulatory Authority as a Chief Executive Officer.
No one can be appointed as Chief Executive Officer (ongoing duties). No one can use the title of Chief Executive Officer (ongoing duties).
Until the proposal for the appointment of the Chief Executive Officer is approved by the Insurance Development and Regulatory Authority, an additional managing director can be given the responsibility of the Chief Executive Officer by following the relevant provisions. Such an officer can use the title of Chief Executive Officer (acting).
No officer below the rank of Chief Executive Officer or Chief Executive Officer (Acting) shall be allowed to sign any letter sent to the Insurance Development and Regulatory Authority.
All Insurers and Chief Executive Officers shall ensure implementation of this directive.
