Regulator withdraws administrator from BAIRA Life

The Insurance Development and Regulatory Authority (IDRA) has withdrawn the administrator from BAIRA Life Insurance Company and appointed a new board to run it.

The IDRA in a letter on Monday said the decision would be effective from Tuesday (February 1).

More than two years ago, the IDRA suspended BAIRA Life’s business licence for corruption, non-settlement of insurance claims and gross mismanagement. Later, the regulator appointed Humayun Kabir, then a joint secretary, as an administrator to oversee the company.

In its administrator withdrawal letter, the IDRA attached a number of conditions for the new board of directors. These include: withdrawal of cases against the administrator, recovery of Tk 45 crore from the old board of directors, continuation of auditing the company and quick settlement of claims by selling moveable and immoveable properties.

BAIRA Life Insurance launched its operations in April 2000 under the Companies Act 1994. Bangladesh Association of International Recruiting Agencies (BAIRA) sponsored the company and 253 members of BAIRA subscribed 2,000 ordinary shares of Tk 100 each and they are the sponsor shareholders of the company.