IDRA removes Bashir from Janata Insurance

The Insurance Development and Regulatory Authority (IDRA) has removed Bashir Ahmed, acting chief executive officer of Janata Insurance, from the company for violating its instructions and providing false information to the regulator.

In a letter on Wednesday, IDRA announced its decision after rejecting an application to appoint Bashir as the chief executive officer of the insurance company.

He was removed under the Insurance Act, 2010, effective from September 30, the letter said. The letter said that Bashir Ahmed, who had been serving as the insurer’s acting CEO for the last two years, was removed from the company after a probe committee formed by the IDRA found evidence against him of submitting false information on his appointment application.

The regulator also directed the insurance company to take all necessary steps to appoint a new CEO as soon as possible.Janata Insurance Company Ltd was listed on the Dhaka Stock Exchange in 1994. It belongs to the “A” category and has a paid-up capital of Tk 44.39 crore.