The Insurance Develop-ment and Regulatory Authority (IDRA) removed the chief executive officer (CEO) of Fareast Islami Life Insurance Company Limited on Wednesday, which comes into effect from today (Thursday).
The insurance regulator issued a circular, signed by its director (deputy secretary) Md. Shah Alam, on the day regarding the matter.
The circular said the CEO, Hemayet Ullah, has been fired, as a number of irregularities were found against him.
It also said he was involved with financial irregularities and had accumulated wealth beyond valid known sources. There were many complaints against him, regarding violating interest of the company's policyholders.
The regulator sacked him as per Section 50 of the Insurance Act 2010.
Md Alamgir, CFO and additional managing director, will act as the acting CEO of the listed company.