At least 15 insurance companies have been operating without a chief executive officer more than six months, years in some cases, in violation of Insurance Development and Regulatory Authority regulations, according to data from the authority and the Bangladesh Insurance Association.

The companies include Homeland Life Insurance, NRB Life Insurance, Fareast Islami Life, Swadesh Life Insurance, Meghna Life Insurance, Jamuna Life Insurance, Golden Life Insurance, Chartered Life Insurance, Sonali Life Insurance, Padma Islami Life Insurance, Progressive Life insurance and Diamond Life Insurance.

Among non-life insurers, Rupali Insurance, Islami Insurance and Pragati Insurance are also running without CEOs.

According to IDRA rules, the chief executive officer position of an insurance company cannot remain vacant for more than three months, or a maximum of six months under special circumstances.

Insurance companies must obtain prior IDRA approval before appointing anyone as CEO or allowing the use of the title.

The rule, issued under SRO No 474-Law/2025 of the Insurance Act, 2010, requires CEO candidates to have at least 12 years of insurance sector experience, including specified senior management roles.

Most of the mentioned companies, including Fareast Islami Life, Padma Islami Life, Golden Life Insurance and Homeland Life Insurance, have the high levels of unsettled claims.

Fareast Islami Life owes Tk 3,228 crore in unsettled claims, after paying only Tk 214 crore to settle claims of 5.66 lakh policyholders.

Its claim settlement rate was just 6 per cent.

Padma Islami Life has unsettled claims of Tk 280.81 crore, settling only Tk 11.21 crore, or 4 per cent of the total claims.

Golden Life has unsettled claims of Tk 52.44 crore and settled just Tk 5.77 crore, representing 11 per cent.

Jamuna Life chairman Badrul Alam Khan told the New Age, ‘We have submitted a letter to the IDRA seeking approval for the appointment of our CEO, but the authority has neither approved nor rejected the application, leaving the matter pending for the past seven months.’

Justice Syed Mohammad Ziaul Karim, ex-chairman of Homeland Life, said, ‘We have reconstituted the board, but we do not know the actual reason why a permanent CEO has not yet been appointed.’

‘We have sent notice to the seven lowest-ranked companies, asking them to respond within 45 days. Most of them currently have no chief executive officer,’ said Mir Nadia Nivin, chairperson of the Insurance Development and Regulatory Authority.

Some companies have responded positively and are improving their operations, while others, including Progressive Life Insurance Company, have yet to show significant improvement, she added.

‘To safeguard policyholders’ interests and maintain the stability of the insurance industry, we will gradually take stern regulatory action against companies found to be in violation. There are many challenges facing the sector, but our immediate priority is to ensure the timely settlement of insurance claims,’ the IDRA chief said.

Industry insiders said that appointment of favourable officials as acting CEOs instead of permanent executives paved the way of irregularities, mismanagement and fund embezzlement.

Irregularities, mismanagement and alleged fund diversion have pushed many insurance companies into financial distress, leaving customers’ claims unpaid.

According to latest IDRA data, insurers received Tk 10,611 crore claims in life and non-life insurance by March 2026, but Tk 7,779 crore or 73.31 per cent remained unsettled.