No one will be allowed to use the CEO title in any insurance company without prior approval from the Insurance Development and Regulatory Authority (IDRA).

Moreover, no one can be appointed as CEO on a current charge basis, nor can they use the title without IDRA's permission.

Until IDRA approves the appointment of a CEO, an additional managing director may be assigned the responsibilities of the CEO and carry the title "CEO (in-charge)."

The insurance regulator issued a circular today outlining these directives.

The circular also states that no officer below the rank of CEO or CEO (in-charge) will have the authority to sign any official correspondence sent to IDRA.

The insurance watchdog made these decisions after observing that many insurers, particularly life insurance companies, have been operating for years under acting CEOs instead of appointing permanent ones, an IDRA official told The Daily Star on condition of anonymity.

Bangladesh has 82 insurance companies—36 in the life insurance sector and 46 in the non-life sector.