Mohammad Abu Bakar Siddique, Member (Non-Life) of the Insurance Development and Regulatory Authority (IDRA), has submitted his resignation, marking the second high-level exit from the insurance regulator within a week.

Siddique submitted his resignation letter to the Financial Institutions Division (FID) under the Ministry of Finance on Sunday (September 27), citing personal reasons.

His departure follows the resignation of Tanjina Ismail, Member (Law) of IDRA, who submitted her resignation to the FID on September 22.

According to ministry sources, Finance Minister Amir Khosru Mahmud Chowdhury is currently abroad. The resignations of both members will be formally accepted and processed upon his return to the country, after which the procedure to recruit new members will begin.

Meanwhile, sources indicate that Md. Apel Mahmud, Member (Life) of IDRA, is also likely to step down soon. If confirmed, it will signal another major leadership shuffle at the regulatory body just months after new board members were installed.

Earlier, on November 7, 2024, four IDRA members—Bishwajit Bhattacharya, Md. Dalil Uddin, Md. Nazrul Islam, and Kamrul Hasan—resigned under directives from the interim government.

Subsequently, on December 2, 2024, the FID issued separate notifications appointing four new members on a three-year contractual basis. The appointees included Md. Apel Mahmud (former CEO of Fareast Islami Life Insurance) as Member (Life), Mohammad Abu Bakar Siddique (former CEO of Meghna Insurance) as Member (Non-Life), Md. Fazlul Haque (former additional secretary) as Member (Admin), and Tanjina Ismail (former senior district and sessions judge) as Member (Law).
A senior official of the Finance Ministry confirmed that both Abu Bakar Siddique and Tanjina Ismail cited personal reasons in their resignation letters, adding that formal acceptance and the process to fill the vacant posts will initiate once the Finance Minister returns.