United Insurance's directors fined over CEO appointment

The insurance regulator yesterday fined United Insurance's board members, including its chairman, for violating the laws relating to the appointment of chief executive.

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

IDRA gave the verdict after a hearing on the issue on March 5 with its chief Shefaque Ahmed in the chair.

United Insurance has failed to abide by the rules to recruit a chief executive, which requires prior approval from the IDRA, Ahmed said.