Insurance officers of private firms on Sunday demanded cancellation of newly issued Insurance Development and Regulation Authority (IDRA) circular 75/2020 to avoid termination of the post of General Insurance Officer.
They made the call at a press conference arranged by General Insurance Officer Welfare Council at Jatiya Press Club.
From March 1, all development officers will be appointed as 'insurance agents' on a commission basis. On February 10, the Insurance Development and Control Authority (IDRA) issued circular Non Life 75/2020 on the matter.
Development Officers of private general insurance corporations said the implementation of this circular will create extreme chaos and anarchy in the private general insurance sector.
Islami Insurance Senior Vice President Bakir Morshed, while reading out the written statement said, "The commission agents are never promoted, so who will lead the insurance sector if the CEO of various companies retires after 2 to 3 years? What about the future of those who have 25 to 30 years of experience as General Insurance Officer and are eligible to become CEOs?"
At the press conference, it was claimed that since the According to IDRA directives, from March 1, the status of the general insurance officer will be terminated and they will be appointed as insurance agents based on commission.
Bakir added that this is in no way acceptable. "The circular must be canceled before March 1."
The leaders of the organisation also spoke of plans to provide alternative programs if their demands were not met.
The organizers said that there are currently about 3,370 branches in 45 general insurance companies in the country. All of these branches have at least 30 development officers under the branch manager.