The government has appointed Mohammad Jainul Bari as the fourth chairman of the Insurance Development and Regulatory Authority of Bangladesh (IDRA).
The IDRA is the regulator of the country's 81 life and non-life insurance firms.
Financial Institutions Division on Wednesday issued an order in connection with Mr Bari's appointment.
Earlier, IDRA chairman Dr M Mosharrof Hossain resigned following corruption allegations against him.
He quit the IDRA after serving nearly one year and seven months. He was appointed for three years in September 2020.
The Bangladesh Financial Intelligence Unit informed the Anti-Corruption Commission of finding around Tk 420 million in some bank accounts belonging to Dr Hossain, his family members and firms in the last few years.
Actually, the main complexity centring the resigned chairman began soon after appointment of administrator of Delta Life, one of the biggest life insurers.
However, the new chairman served as a secretary at planning division under planning ministry.
Mr Bari, who hailed from Fenchuganj sub-district under Sylhet, also served as a divisional commissioner of Dhaka.
Bangladesh has now 79 privately-owned life and non-life insurance companies including two multinational ones.
Besides, life insurance Jiban Bima Corporation and non-life insurance Sadharan Bima Corporation are two state-run entities.
All the life and non-life insurers had nearly Tk 150-billion turnover in 2021.
The government formed the IDRA in 2011 replacing the then department of insurance with a view to bringing discipline in the insurance sector and making it a vibrant industry.
