Insurance Development and Regulatory Authority has scrapped the appointment of Syed Tanvir Alam as the chief executive officer of Progressive Life Insurance Company for hiding experience-related information. As per the insurance rules, any person needs to have at least 15 years of experience in the related field including three years experience as the second highest officer in any insurance company to become a CEO.
But, Tanvir has less than three years of experience as second highest officer in any organisation, said IDRA officials.
The IDRA has issued a letter to the Progressive Life scrapping the appointment of Tanvir on Thursday, an IDRA press release said on Monday.
The IDRA earlier approved the appointment of Tanvir on February 24 this year. Following an allegation against the appointment, IDRA conducted investigation and found that Tanvir had not provided sufficient information to the insurance regulator, said the release.
-With New Age input
