The government has appointed Dr M Mosharrof Hossain as chairman of the Insurance Development and Regulatory Authority (IDRA).
Earlier, he was an acting chairman of the insurance regulatory body.
A circular in this regard was issued on Sunday.
Presently, there are a total of 79 firms, including two government corporations, in the insurance sector regulated by the IDRA.
Bangladesh has now 77 privately-owned life and non-life insurance companies with a combined annual turnover of around Tk135 billion.
The government formed the IDRA in 2011 replacing the then department of insurance with a view to bringing discipline in the insurance sector and making it a vibrant industry.