Monday, May 06, 2024
The Insurance Development and Regulatory Authority (IDRA) has suspended the current board of directors of Sonali Life Insurance for six months, and appointed an administrator in the institution.
Brig Gen (retd) SM Ferdous has been appointed as the administrator at Sonali Life Insurance.
IDRA made the disclosures in an office order last Thursday. The order to dismiss the board of directors of Sonali Life Insurance and appoint an administrator will be effective from yesterday (Sunday).
According to the order, IDRA took this decision in accordance with the Insurance Act 2010 with section 95 (1) to protect the interests of the insurers and a large number of policyholders.
IDRA also said that the appointed administrator will submit a report to the authority as per Section 96 (1) of the Insurance Act, 2010. Besides, according to section 95 (3) of the Insurance Act, he will conduct all activities including insurance policy issues.
The newly appointed administrator will receive monthly remuneration and allowances as applicable from the authority.
Apart from this, the IDRA has directed to complete the full audit of Sonali Life Insurance through a qualified domestic or foreign audit organization as soon as possible.
