No CEO designation of insurance company without approval: IDRA
No one can be appointed as the chief executive officer (CEO) in an insurance company on an ongoing basis, the Insurance Development and Regulatory Authority (IDRA) said in a statement today (6 March)
At the same time, no one can use the title of CEO without the approval of the IDRA, the regulatory body said.
The IDRA directive outlines specific regulations regarding the designation and appointment of CEOs within organisations.
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Firstly, no individual can use the title of CEO without prior approval from the IDRA. Additionally, no one can be appointed as the CEO on an "Ongoing Charge" basis or use the title of CEO "in Charge."
Furthermore, until the IDRA approves the proposal for a CEO appointment, an additional managing director may be assigned the responsibility of CEO, provided it aligns with relevant provisions. In such cases, the designated officer may use the title "Chief Executive Officer (Acting)."
The directive specifies that no officer below the rank of CEO or Chief Executive Officer (Acting) is authorized to sign letters sent to the IDRA.
