The Government has approved a proposal to remove the existing upper age limit for the appointment of the Chairman and members of the Insurance Development and Regulatory Authority (IDRA), the statutory regulator of Bangladesh’s insurance sector.
The decision was taken at a meeting of the Cabinet held on Thursday (23 April) at the Secretariat. During the meeting, the draft “Insurance Development and Regulatory Authority (Amendment) Act, 2026” was given final approval. The amendment will come into effect after vetting by the Legislative and Parliamentary Affairs Division. The Financial Institutions Division placed the proposal for consideration.
Under the current legal framework, specifically Section 7(3)(g) of the “Insurance Development and Regulatory Authority Act, 2010”, a maximum age limit of 67 years is imposed for appointment to the posts of Chairman and members of IDRA. The approved amendment proposes the complete removal of this age ceiling.
Government officials explained that the existing provision has, over time, created constraints in appointing highly experienced professionals to senior positions within the regulatory authority. According to the rationale provided, limiting appointments by age has reduced flexibility in selecting individuals with extensive expertise in insurance, financial governance, and regulatory oversight.
The amendment is intended to widen the eligibility pool for such appointments, allowing selection based on professional qualifications, experience, and suitability rather than age. It is also aimed at strengthening the institutional capacity of the regulator, particularly in the context of ongoing reforms and modernisation efforts within the insurance sector.
The proposal further highlights that several countries in the region do not maintain a fixed upper age limit for similar regulatory appointments. Examples cited include Sri Lanka and Nepal, where senior positions in insurance regulatory bodies are not bound by a statutory age cap. The government has indicated that aligning with such practices is part of a broader effort to harmonise regulatory standards and enhance administrative effectiveness.
Comparison of Existing and Proposed Provisions
| Issue |
Existing Law (2010 Act) |
Proposed Amendment (2026) |
| Age limit for Chairman and Members |
Maximum 67 years |
No upper age limit |
| Basis of appointment |
Age restriction plus qualifications |
Merit, experience, and suitability |
| Administrative objective |
Statutory compliance framework |
Expansion of experienced candidate pool |
| International alignment |
Limited reference |
Alignment with selected regional practices |
Once the vetting by the Legislative and Parliamentary Affairs Division is completed, the amendment will proceed through the final legislative process before formal implementation.
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