No extra benefit except salary, allowance for insurers’ CEOs: IDRA

No additional salary, allowance, bonus and benefit beyond the limit stipulated in the laws can be given to the CEOs of insurance companies, the insurance regulator said in a notification on Monday.

The Insurance Development and Regulatory Authority (IDRA) made the announcement as it was found that some insurers are breaching the rules by offering extra benefits other than salaries and allowances to their CEOs.

The IDRA asked the insurers to strictly follow the notification to establish discipline and transparency in the sector and protect the interests of the insurance customers.

The insurance regulator also warned of taking stern action against the ones who will not comply with the rule.

There are 35 life insurance and 46 non-life insurance companies in Bangladesh.