Dhaka, Bangladesh (BBN) – Insurers’ watchdog Insurance Development and Regulatory Authority (IDRA) has submitted an organogram to the Finance Ministry, seeking 170 manpower and BDT 20 million to start their journey, officials said.

The government has already picked Shefaq Ahmed as the chairman of the regulatory body.

Ziaul Haq Mamum, a professor of Institute of Business Administration at Dhaka University and Naba Gopal Banik, an ex-executive director of the Bangladesh Bank, were also appointed as members of the IDRA.

Shamsher Ali, a retired joint secretary, is supposed to join the regulatory body as an IDRA member.

Shefaq Ahmed said it will require adequate manpower to oversee 43 general insurance and 17 life insurance companies.

They said IDRA has sought TK 20 million in block allocation from the Finance Ministry to maintain its daily operating costs up to June this year.

The IDRA is mandated to operate according to the new insurance law enacted in March 2010 with a view to modernizing the poorly-regulated sector.

Currently, the regulator is working on the preparation of rules that will be used for the enforcement of laws on the ground. A committee headed by chairman of Jiban Bima Corporation Dr. Mohammad Shohrab Uddin Ali is working on the insurance rules.

BBN/SSR/SI-20Mar11-1:16 am (BST)