IDRA suspends online meeting participation for insurers

The Insurance Development and Regulatory Authority (IDRA) has suspended virtual participation in board meetings and other committee meetings for insurance companies.

Virtual meetings on Zoom or other such platforms were initially approved during the Covid-19 pandemic, allowing board members to attend remotely when physical meetings were not possible.

Later, a hybrid system was introduced, enabling directors of insurance companies to participate both physically and virtually.

However, in its 179th meeting, IDRA decided that board members of all life and non-life insurance companies must attend meetings in person from now on, discontinuing virtual participation. The regulator issued a circular on Wednesday in this regard, which was signed by Md Solaiman, a deputy director (non-life).

Bangladesh has 82 insurance companies, including state-owned Jiban Bima Corporation and Sadharan Bima Corporation. Of these, 36 are life insurance companies, and 46 are non-life insurers.

jasimharoon@yahoo.com