The Insurance Development and Regulatory Authority (IDRA) in a notification stated that no one can be appointed as the chief executive officer (CEO) in an insurance company on an ongoing basis.
At the same time, no one can use the title of CEO without the approval of the IDRA.
The directive in this regard was issued by IDRA on Thursday (Mar 6).
The IDRA directive also stated-
1. No one can use the title of CEO unless approved by the IDRA.
2. No one can be appointed as the CEO (Ongoing Charge). No one can use the title of CEO as in Charge.
3. Until the proposal for the appointment of the CEO is approved by the IDRA, an additional managing director can be given the responsibility of the CEO by following the relevant provisions. Such an officer can use the title of Chief Executive Officer (Acting).
4. No officer below the rank of CEO or Chief Executive Officer (Acting) will be able to sign letters sent to the IDRA.