IDRA without chairman for over 2 weeks after resignation

The Insurance Development and Regulatory Authority (IDRA) has been operating without a chairman or acting chairman for more than two weeks following the resignation of its chief, M Aslam Alam, on 2 March citing personal reasons.
Officials at the insurance sector regulator said several key decisions have remained pending in the absence of a chairman, slowing the authority’s overall operations.
Sources at IDRA said only a few ongoing activities, including recruitment examinations already in progress, are continuing. 
As the Ministry of Finance has not appointed any of the existing members as acting chairman, major policy and administrative decisions remain stalled.
In the past, the government usually appointed a new chairman or an acting chief within two to three days after the resignation or completion of the tenure of the previous chairman. 
This is the first time the authority has remained without a chairman for more than two weeks.
Nazma Mobarek, secretary of the Financial Institutions Division (FID) under the Ministry of Finance, confirmed that the position is currently vacant.
“The post remains vacant for now. However, someone will be appointed soon. No name has been finalised yet,” she told the Daily Sun.
Saifunnahar Sumi, spokesperson of IDRA’s media and communication department, said routine activities of the authority are continuing despite the absence of a chairman.
“Members are carrying out their regular responsibilities and meetings are being held. However, major decisions that require the chairman’s approval remain pending,” she said.
Sector analysts say the leadership vacuum is also affecting insurance companies seeking regulatory approvals.
SM Nuruzzaman, chief executive officer of Zenith Islami Life Insurance, said IDRA plays a key role in maintaining discipline in the insurance sector and ensuring compliance with policies and regulations.
“As the authority currently has no chairman, there is some level of disorder in the sector,” he said.
Nuruzzaman added that in the past the government typically appointed one of the existing members as acting chairman whenever the position became vacant.
“But this is the longest period IDRA has been operating without a chairman. For the sake of discipline in the sector, the government should appoint a new chairman as soon as possible,” he said.
During the interim government, M Aslam Alam was appointed chairman of IDRA in September 2024 for a three-year term.
Alam had previously served as secretary of the Financial Institutions Division in 2012 for more than three years. 
Following the Bangladesh Bank reserve heist in 2016 and the resignation of then governor Atiur Rahman, Alam was removed from the division and made an officer on special duty. 
He later served as rector of the Bangladesh Public Administration Training Centre (BPATC).
Since its establishment in 2011, IDRA has typically seen a new chairman or acting chief appointed shortly after the previous office holder stepped down.
M Shefaque Ahmed served as the first chairman from January 2011 to January 2014 and later returned for a second term from April 2014 to April 2017. 
Subsequent chairmen included Md Shafiqul Rahman Patwari (2017-2020), Dr M Mosharraf Hossain (2020-2022) and Mohammad Jainul Bari (2022-2024).