Insurance companies’ directors must attend board meetings in person

The Insurance Development and Regulatory Authority (IDRA), on Wednesday ordered for physical presence in board meetings and other committee meetings by directors for insurance companies.

Virtual meetings through 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, the regulator of 82 insurers in Bangladesh, decided that board members of all life and non-life insurance companies must now attend meetings in person, discontinuing virtual participation.

The regulator issued a circular on Wednesday regarding the decision, signed by Md Solaiman, a deputy director (Non-Life) of IDRA.

Bangladesh has a total of 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.

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