HomeGlobal EconomyGuardian Life has been going on for 3 years without CEO

Guardian Life has been going on for 3 years without CEO


Guardian Life Insurance Limited is a well -known insurance company in the country, recently criticized for violating the rules for conducting insurance activities. For almost four years, the company has been operating without the CEO (Chief Executive Officer). From January 2021, the post of CEO is zero, which is a clear violation of the Insurance Act, 20. According to Article 5 of this Act, a insurance company will have to appoint CEO within three months. If the appointment is not possible within the stipulated time for special reasons, another three months is given. However, the post of CEO for more than six months cannot be left empty. But Guardian Life has not taken any steps to appoint the CEO for a long time without following this rule, so it has been considered a violation of the law.

In this situation, the Insurance Development and Control Authority (IDRA) has ordered Guardian Life Insurance to appoint a new CEO within 5 days. At the same time, the company has imposed a fine of Tk 1 lakh for violating the law.

According to IDRA sources, the last CEO of Guardian Life was MM Monirul Alam, who was in charge of December 7, 2021. So far the new CEO has not been appointed. Currently CFO Sheikh Rakibul Karim is acting as acting CEO.

When contacted, IDRA director Mohammad Jahangir Alam told today's newspaper that the fine has been imposed since the post of CEO has been vacant since 2021. The IDRA decided to finish the Guardian Life at their 5th meeting and directed to pay the fine within 5 days.

It is reported that a letter signed by IDRA director Salehin Tanvir Ghazi was sent to the Chairman of the Guardian Life on January 26.

Meanwhile, Guardian Life has said that the company has advertised many times for the appointment of the CEO, but they were not able to hire CEO because they did not find the appropriate person. They also said the matter would be reported to the IDRA and the fine would be applied for the waiver.

In addition, customers of Guardian Life are facing some problems in paying their insurance claims. According to the latest report of IDRA, the company from July 2021 to September that the company demanded Tk. However, there are still 1 crore 5 lakh 5 thousand 5 thousand. This outstanding amount has caused concern for customers and this is a big challenge for the company.

However, the concerned said that the company tried to appoint CEO multiple times, but they could not recruit according to the law because they did not get a qualified person. In such a situation, IDRA's strict action and fine have become a warning for the company. If they do not solve the matter in the future, there may be bigger problems, especially in repayment of customers' insurance claims.



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