BIF chief for corporate governance guideline for insurance sector development

Staff Correspondent:

President of Bangladesh Insurance Forum (BIF) BM Yusuf Ali on Monday put emphasis on the need for implementing the corporate governance guideline to ensure development and good governance in the insurance sector.

The corporate governance guideline prepared by the Insurance Development and Regulatory Authority (IDRA) is very timely to ensure development and good governance in the insurance sector. With the implementation of the guidelines, good governance will be established in the insurance sector, he said while addressing a seminar on dissemination of the Corporate Governance Guideline.

Yusuf Ali, who is also the Chief Executive Officer of Popular Life Insurance Company Limited further said the corporate governance guideline would be the foundation of Bangladesh’s insurance industry. “It will ensure that insurers operate with the highest levels of transparency, accountability, and ethical conduct,” he added.

The seminar organised by IDRA was held at the CIRDAP auditorium with its Chairman Mohammad Zainul Bari in the chair. Secretary of the Financial Institutions Department of the Ministry of Finance, Mohammad Salim Ullah was present at the seminar as the chief guest.

BIF president Yusuf Ali underlined the need to ensure job security for CEOs of insurance companies to ensure good governance in the sector. “The CEOs can play an effective role in establishing good governance in the insurance sector if their jobs are protected,” he added.

He claimed that no money was stolen under the leadership of CEOs of insurance companies and they are not responsible for corruption in the sector.

The CEO of an insurance company is an employee of the board. There is no opportunity for him/her to do anything bypassing the decisions of the board of directors in the context of the law of the land, he elaborated.

Member Administration of Insurance Development and Control Authority Md Dalil Uddin, among others, also spoke in the seminar.

The CEOs of all insurance companies, along with all representatives of the Bangladesh Insurance Association, Bangladesh Insurance Forum, Bangladesh Insurance Academy, and Bangladesh Insurance Sector Development Project, directors, deputy directors, and assistant directors of all organizations took part in the seminar.