The Insurance Development and Regulatory Authority (IDRA) has appointed Sk Md Rezaul Islam, former additional secretary, as administrator of Swadesh Islami Life Insurance Company with immediate effect.

The administrator was appointed as Swadesh Islami has violated section 80 (4) of the Insurance Act, 2010, by keeping the company's CEO post vacant for more than five months, according to a letter issued by the insurance regulator.

According to the section 80 (4) of the Insurance Act, 2010, the CEO post of an insurance company shall not be kept vacant for more than three months at a time.

The absence of the CEO has been hampering the company's administrative works, because of which the administrator has been appointed, Zahangir Alam, spokesperson of the IDRA, told The Daily Star today.

An administrator is appointed to smoothly run the overall operations of a company, he said.

The administrator will perform duties as per Insurance Act 2010, according to a letter sent to the new administrator.

The bank accounts of the company shall be maintained under the joint signature of the administrator and another officer, the letter read.