Insurance Development and Regulation Authority (IDRA) has withdrawn its earlier approval letter for appointing Sayed Tanvir Alam as managing director (MD) of Progressive Life Insurance as the company concealed necessary information about him.
The regulator decided to cancel the approval as an investigation found the authenticity of concealing the necessary information needed for appointing a company MD, said an IDRA statement issued yesterday.
IDRA conducted an inquiry against an allegation that the approval was taken hiding academic and professional qualifications of Sayed Tanvir Alam.
Following an investigation report, the authority sent the withdrawal letter to the Progressive Life Insurance on June 12.
On February 24, IDRA had earlier issued the approval letter to appoint Tanvir Alam as Managing Director of Progressive Life Insurance Company.