IDRA asked to withdraw Delta Life administrator

The Finance Ministry has asked the Chairman of the Insurance Development and Regulatory Authority (IDRA) to withdraw the administrator of the Delta Life Insurance Company.

At the same time the ministry has also instructed it to run the company through the reconstituted Board of Directors.

Executive Director and Spokesperson of the IDRA SM Shakil Akhtar in this regard told The Business Post that as per the order of the Finance Ministry the company would be instructed to withdraw its administrator and run it through the Board of Directors.

Earlier, IDRA suspended the Board of Directors on 11 February 2021 and appointed former IDRA member Sultan-ul-Abedin as the administrator of the company.

Later, over the past one and half a year the administrator has been changed three times. At present IDRA former member Kuddus Khan is working as the administrator.

Meanwhile, a letter signed by Director of the Delta Board of Directors Zeyad Rahman was sent to the Financial Institution Division of the Finance Ministry on 24 July.

The letter said the company had not been able to run its regular activities, give bonus to the policyholders as they were entitled to and provide dividends to shareholders because of the institution being run by administrators for quite a long time.

This is why the Board of Directors initiated to reconstitute the Board of Directors through signing a memorandum of understanding with general shareholders in the interest of the company’s policyholders.

It said, under such circumstances, the letter requested the ministry to withdraw the administrator and run the company through the reconstituted Board of Directors for the sake of the interest of the insurance industry.

As this reporter contacted Zeyad Rahman for his comment on the matter he didn’t make any comment.

New Board of Directors

Hafiz Ahmed Majumdar and Dr Md Jonaid Safiq willl be Chairman and Vice-Chairman of the company respectively.

Suraiya Rahman and Zeyad Rahman will continue to serve as members of the Board of directors of the company. Hafiz Ahmed Majumder and Shakib Aziz were proposed as independent directors of the company.

Adeeba Rahman, Chaklader Rezanul Alam, Dr Md Jonaed Shafiq will work in the Board of Directors as the directors of the company.

The new Board of Directors will accept the resignations of current Chairman Lt. Gen. M. Noor Uddin Khan, Psc (Retd.) Salauddin Ahmed and directors Ms Anika Rahman, Ms Saika Rahman and Mr, Shamsul Islam.

The remaining decisions on appointments and resignations will be completed in the first possible meeting of the Board of Directors of the company.