Quamrul Hasan, a member (Life) of the Insurance Development and Regulatory Authority (IDRA), has been allegedly accused of soliciting bribes.
He demanded Tk50 thousand monthly and Tk2 lakh for attending every insurance claim meeting from Zahir Uddin, Deputy Managing Director, Company Secretary, and Chief Executive Officer (Acting) of the Progressive Life Insurance Company Ltd.
Zahir Uddin lodged a written complaint with the Financial Institutions Department of Ministry Finance on July 12.
In the written complaint, Zahir Uddin said IDRA member (life) Quamrul Hasan called me in his room on August 31 and demanded Tk50 thousand per month to support my promotion to the Chief Executive Officer (CEO) post from the current Acting CEO post.
Without the approval of the Board of Directors, Zahir Uddin has no legal right to hold the position of Chief Executive Officer, the letter reads.
Speaking to The Business Post, IDRA Member (Life) Quamrul Hasan said, “The allegations made against me are baseless. I have no sole authority to do anything against any company. Instead, the decisions made by the IDRA Chairman and other members are what get implemented in such cases.”
He added, “Progressive Life Insurance has already undergone board reconstitution, but its previous state was much more favourable compared to the current situation. Every decision was in line with Zahir Uddin's preferences, and yet he is attributing blame to me.”
Quamrul Hasan joined as a member (Life) of IDRA on June 23, 2022.
Meanwhile, in a letter dated June 25, the insurance regulatory body, IDRA, declared Zahir Uddin's role as Acting Chief Executive Officer of Progressive Life Insurance is illegal.
Zahir Uddin has no legal right to hold the position of Acting Chief Executive as there is no approval from the Board of Directors, the letter reads.
Zahir Uddin joined Progressive Life as a legal officer in July 2017. Later, he took charge of five departments of the insurance company. These posts include--Company Secretary (CS), Head of HRD, Head of Legal, Head of Administration, and Head of Agency.
On June 11, 2023, Quamrul Hasan called him to his office once more, insisting on receiving Tk1 lakh before Eid-ul-Azha. However, as he refused to comply with the demand, he made it clear that he had already informed the Executive Director (Law) Joint Secretary about the situation.
As the IDRA Chairman is out of the country, he could not be contacted on the matter.
