DHAKA, Insurance Bulletin: Mir Nadia Nivin has officially taken charge as the new Chairman of the Insurance Development and Regulatory Authority (IDRA). She assumed her responsibilities following an introductory meeting with IDRA officials and staff at the authority’s headquarters on Thursday.
Upon taking office, Nivin outlined her core priorities, placing a strong emphasis on the modernization of the country's insurance sector, the establishment of good governance, and transitioning toward a risk-based supervision framework.
In her directive speech, the new Chairman stressed the need to build a more robust, transparent, and sustainable foundation for the insurance industry. "A gradual transition from traditional compliance-based supervision to a risk-based supervision system is essential," she stated.
She expressed optimism that this shift would enable a more effective evaluation of insurers' financial capacities and risk management, ultimately ensuring better protection for policyholders.
Calling for industry-wide collaboration, Nivin noted that a clear and realistic vision is crucial for the long-term development of the sector. She urged the regulatory body, insurance companies, and all relevant stakeholders to work cohesively to realize this vision.
To boost public confidence and ensure sustainable industry growth, the Chairman highlighted several key initiatives. These include the prompt and effective settlement of insurance claims, instilling corporate governance within institutions, maintaining overall financial stability, and establishing a modern regulatory framework.
To achieve these objectives, she announced that IDRA will continuously work on developing a technology-driven regulatory infrastructure aligned with international standards.
Nazma Mobarek, Secretary of the Financial Institutions Division (FID) under the Ministry of Finance, attended the introductory meeting as the chief guest. FID Additional Secretary Md. Sayed Kutub, along with IDRA members and senior officials, were also present. The event was moderated by IDRA Member (Administration) Md. Fazlul Haq.
