BM Desk : Insurance company chief executive officer or MD can be appointed with bank job experience. The Insurance Development and Regulatory Authority (IDRA) is amending the Chief Executive Officer Appointment and Removal Regulations to add this clause. The draft in this regard was placed on the IDRA website yesterday for the opinions of various parties. In the existing system, there is no opportunity to become MD without job experience in an insurance company. Due to this, qualified people are not being found for the post of MD. The post of MD of some insurance companies is currently vacant.

Under the existing rules for appointment of MD, to become a chief executive, one must have 12 years of experience in the insurance business with two years of experience in a lower position. The proposed regulations state that one year as an additional managing director of a commercial bank or three years as a DMD with 15 years of experience can be appointed. If one is ineligible in any other