Padma Life's directors fined for breach of rules - Share market analysis of dhaka stock exchange, Bangladesh

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23 April, 2015 10:45 AM Source: The Daily Star Bangladesh
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The insurance regulator yesterday fined Padma Life Insurance's board members, including its chairman, for violating laws relating to the appointment of a chief executive officer.

In a statement, the Insurance Development and Regulatory Authority (IDRA) said each director of the 20-member board has been fined Tk 1 lakh each for the violation.

IDRA gave the verdict after a hearing on the issue on April 1 with its Chief Shefaque Ahmed in the chair.
The statement said Padma Life Insurance has failed to recruit a chief executive even after one year, when the post became vacant on March 19, 2014. IDRA had issued a letter to the insurer in May last year to appoint a chief executive.
Later in December, IDRA asked for an explanation on why a chief executive was not recruited. The life insurer sought three more months to make the recruitment.

In January this year, Padma sent a letter to IDRA seeking its prior approval to appoint Mohammad Wasiuddin as its chief executive, but the regulator declined to give its nod as the individual did not have the required qualities stipulated in the insurance regulations.
Finally, IDRA fined all 20 directors of Padma's board for their negligence in protecting the interests of the policy and shareholders.

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