Gazi Anowarul Hoque :
Padma Islami Life Insurance Company has been running its business without a Chief Executive Officer (CEO) for the last two years allegedly for the non-cooperation by the IDRA, the company insiders said.
The PILIC proposed the name of AKM Elias Hussain as the CEO and sent the file to the Insurance Development and Regulatory Authority (IDRA) for approval. But the IDRA has kept the file pending and thereby created a crisis for the PILIC to run the business.
To this effect, the proposed CEO of the company has recently sent a legal notice to the chairman of the IDRA and the and finance secretary of the Ministry of Finance to let him know the reasons of holding the approval, which has also damaged his good will in the insurance market.
Sources said the proposed CEO has all the qualifications and experiences to become the head of an insurence company.
According to them, the insurance authority for an unknown reasons has been dillydallying to approve the appointment sending thousands of policyholders in the state of uncertainty.
Elias Hussain has a good background and credit in his account as an Insurance expert in Life Insurance business.
‘As an Insurance career, he worked as the Director of Bangladesh Insurance Academy on deputation from Jiban Bima Corporation as per order of the Government, the Chief Executive of state-owned Insurance Training & Educational Institute on Insurance studies (2002 to 2006), then worked as the Deputy Managing Director and Additional Managing Director with Sandhani Life Insurance Co. Ltd (2006 to 2008), then worked as the Managing Director of the National Life Insurance Co. Ltd. (2008 to 2009.), and lastly worked as the Managing Director of BAIRA Life Insurance Co. Ltd, (2009-2011)’, said the notice.
Considering his reputation, the company sought the prior approval on April 29, 2015 for appointing him, but the IDRA holds the company’s CEO appointment showing various pretexts, say the insiders.
According to the insurance law 2010, Section 80(4), the post of CEO must be filled within 15 days from the vacant date. If any company fails to do it, the IDRA will hold an enquiry after the lapse of nineteen days, and then twenty-nine days in case of need.
The post of CEO became vacant on March 2014, as IDRA did not show any respect to the law. As a result, the listed company with the stock market has been gradually losing confidence of its policyholders and investors.
A complaint of financial irregularities against Elias Hussain was submitted to IDRA on May 15, 2015 that is under investigation, IDRA sources said. But there is a dispute among the IDRA chairman and members about this complaint.
As the complainant was not present in person, the complaint is not considerable, says Md Kuddus Khan, member of IDRA. Another member Sultan Abedin Molla made the same comment about the allegation.
The IDRA Chairman took the anonymous letter of complaint against Elias Hussain into consideration for personal grudge only, said a Padma Life official.
AKM Elias Hussain said on Tuesday that IDRA has violated the Law by not approving him as the CEO of Padma Islami Life Insurance Company and thereby damaging his social status for which the legal notice has been sent to the authority.
Padma Islami Life Insurance Company has been running its business without a Chief Executive Officer (CEO) for the last two years allegedly for the non-cooperation by the IDRA, the company insiders said.
The PILIC proposed the name of AKM Elias Hussain as the CEO and sent the file to the Insurance Development and Regulatory Authority (IDRA) for approval. But the IDRA has kept the file pending and thereby created a crisis for the PILIC to run the business.
To this effect, the proposed CEO of the company has recently sent a legal notice to the chairman of the IDRA and the and finance secretary of the Ministry of Finance to let him know the reasons of holding the approval, which has also damaged his good will in the insurance market.
Sources said the proposed CEO has all the qualifications and experiences to become the head of an insurence company.
According to them, the insurance authority for an unknown reasons has been dillydallying to approve the appointment sending thousands of policyholders in the state of uncertainty.
Elias Hussain has a good background and credit in his account as an Insurance expert in Life Insurance business.
‘As an Insurance career, he worked as the Director of Bangladesh Insurance Academy on deputation from Jiban Bima Corporation as per order of the Government, the Chief Executive of state-owned Insurance Training & Educational Institute on Insurance studies (2002 to 2006), then worked as the Deputy Managing Director and Additional Managing Director with Sandhani Life Insurance Co. Ltd (2006 to 2008), then worked as the Managing Director of the National Life Insurance Co. Ltd. (2008 to 2009.), and lastly worked as the Managing Director of BAIRA Life Insurance Co. Ltd, (2009-2011)’, said the notice.
Considering his reputation, the company sought the prior approval on April 29, 2015 for appointing him, but the IDRA holds the company’s CEO appointment showing various pretexts, say the insiders.
According to the insurance law 2010, Section 80(4), the post of CEO must be filled within 15 days from the vacant date. If any company fails to do it, the IDRA will hold an enquiry after the lapse of nineteen days, and then twenty-nine days in case of need.
The post of CEO became vacant on March 2014, as IDRA did not show any respect to the law. As a result, the listed company with the stock market has been gradually losing confidence of its policyholders and investors.
A complaint of financial irregularities against Elias Hussain was submitted to IDRA on May 15, 2015 that is under investigation, IDRA sources said. But there is a dispute among the IDRA chairman and members about this complaint.
As the complainant was not present in person, the complaint is not considerable, says Md Kuddus Khan, member of IDRA. Another member Sultan Abedin Molla made the same comment about the allegation.
The IDRA Chairman took the anonymous letter of complaint against Elias Hussain into consideration for personal grudge only, said a Padma Life official.
AKM Elias Hussain said on Tuesday that IDRA has violated the Law by not approving him as the CEO of Padma Islami Life Insurance Company and thereby damaging his social status for which the legal notice has been sent to the authority.
