Gazi Anowarul Hoque :
Most of the insurance companies in Bangladesh are running by illegally appointed chief executive officers with taking approval from Insurance Development and Regulatory Authority Bangladesh (IDRA).
They collected appointment letters from the proper authority with the connivance of a crime syndicates of IDRA, alleged by some insiders.
Sources said, IDRA made a regulation published on 13 January of 2013 for appointment of Chief Executive Officer (Bima Company Probidhan Mala-2012) where clearly mentioned at Section 3 (kaa) that “a person must have 3 years graduate degree along with one year post graduate or 4 years graduate degree or equivalent degree with 15 years experience including 3 years as immediate post to CEO.”
But New Nation reporter has seen, nearly 95 percent veteran insurer have 2 years graduate degree (pass) and one year masters degree. And many of them do not cover the experience criteria.
Insiders said, the circular served without market study and some IDRA members involved with the illegal earnings defying the govt formulated law. Taking the opportunity, a number of inexperienced insurers were received appointment as CEO but some insurer, those who have same or over qualification did not get approval by the authority.
The persons who came under negotiation with crime syndicates can easily manage nod as CEO positions.
The Daily New Nation reporter got some cases where IDRA goes under contract with the disqualified CEOs.
Jamal A Naser, working as CEO of National Life Insurance. He obtained 2 years graduate degree (pass). Later, he obtained diploma from the Institute of Statistical Research and Training (ISRT) of Dhaka University and masters degree on statistics from same institute. He treated the pass course and diploma degrees as equivalent with 3 years graduate degree.
Professor Mohammad Soaib, teacher of ISRT of DU said the NN that “Diploma and certificate course of this institute is a professional degree. It may get two years experience relaxation to the promotion by the course.”
Professor Doctor ASM Maksud Kamal, Dean of Earth and Environment Science Faculty and Chairman of equivalent committee of Dhaka University said, “Diploma course is never been equivalent to honors degree. How IDRA treated 1 year diploma as equivalen to 3 years honors degree where DU provides honors degree on statistics.”
Jamal A Naser said, “As a person I may seek opprtunity. If my approval contradicts with the existing IDRA law of appointment of Chief Executive Officer, the punishment should go against the approval giver of my certificate.”
He confessed that if my approval will reject abide by the law, the same punishement should go to the minimum 20 persons who are serving as CEOs in various insurance companies without 3 years graduate degree or proper experience.
At the same way, Amar Krishna Saha of Standard Insurance Co, Mosharrof Hussain, Global Insurance, Ahsanul Islam Titu, Sandhani Life Insurance, Bidhu Bhuson Chakraborty, Asia Pacific Insurance, Farzana Chowdhury, Green Delta Life, Ataur Rahman Mazumder, Provati Insurance and KAM Ferdous of Takaful Insurance did not fill up the conditions of CEO but they are so.
On the contrary, applications of some genuine candidates for CEOs are pending with the IDRA court.
When asked about the crime syndicate, IDRA member Md Kuddus Khan said, the authority is unable to abide by the law of CEO appointment for shortage of experienced persons. Actually, this law was formulated without market study. The member confessed the miss deeds and said, “the justice should be same to all”.
Most of the insurance companies in Bangladesh are running by illegally appointed chief executive officers with taking approval from Insurance Development and Regulatory Authority Bangladesh (IDRA).
They collected appointment letters from the proper authority with the connivance of a crime syndicates of IDRA, alleged by some insiders.
Sources said, IDRA made a regulation published on 13 January of 2013 for appointment of Chief Executive Officer (Bima Company Probidhan Mala-2012) where clearly mentioned at Section 3 (kaa) that “a person must have 3 years graduate degree along with one year post graduate or 4 years graduate degree or equivalent degree with 15 years experience including 3 years as immediate post to CEO.”
But New Nation reporter has seen, nearly 95 percent veteran insurer have 2 years graduate degree (pass) and one year masters degree. And many of them do not cover the experience criteria.
Insiders said, the circular served without market study and some IDRA members involved with the illegal earnings defying the govt formulated law. Taking the opportunity, a number of inexperienced insurers were received appointment as CEO but some insurer, those who have same or over qualification did not get approval by the authority.
The persons who came under negotiation with crime syndicates can easily manage nod as CEO positions.
The Daily New Nation reporter got some cases where IDRA goes under contract with the disqualified CEOs.
Jamal A Naser, working as CEO of National Life Insurance. He obtained 2 years graduate degree (pass). Later, he obtained diploma from the Institute of Statistical Research and Training (ISRT) of Dhaka University and masters degree on statistics from same institute. He treated the pass course and diploma degrees as equivalent with 3 years graduate degree.
Professor Mohammad Soaib, teacher of ISRT of DU said the NN that “Diploma and certificate course of this institute is a professional degree. It may get two years experience relaxation to the promotion by the course.”
Professor Doctor ASM Maksud Kamal, Dean of Earth and Environment Science Faculty and Chairman of equivalent committee of Dhaka University said, “Diploma course is never been equivalent to honors degree. How IDRA treated 1 year diploma as equivalen to 3 years honors degree where DU provides honors degree on statistics.”
Jamal A Naser said, “As a person I may seek opprtunity. If my approval contradicts with the existing IDRA law of appointment of Chief Executive Officer, the punishment should go against the approval giver of my certificate.”
He confessed that if my approval will reject abide by the law, the same punishement should go to the minimum 20 persons who are serving as CEOs in various insurance companies without 3 years graduate degree or proper experience.
At the same way, Amar Krishna Saha of Standard Insurance Co, Mosharrof Hussain, Global Insurance, Ahsanul Islam Titu, Sandhani Life Insurance, Bidhu Bhuson Chakraborty, Asia Pacific Insurance, Farzana Chowdhury, Green Delta Life, Ataur Rahman Mazumder, Provati Insurance and KAM Ferdous of Takaful Insurance did not fill up the conditions of CEO but they are so.
On the contrary, applications of some genuine candidates for CEOs are pending with the IDRA court.
When asked about the crime syndicate, IDRA member Md Kuddus Khan said, the authority is unable to abide by the law of CEO appointment for shortage of experienced persons. Actually, this law was formulated without market study. The member confessed the miss deeds and said, “the justice should be same to all”.
