Mir Nadia Nivin Assumes Office as IDRA Chairperson

Press Release: Mir Nadia Nivin has officially assumed office as the newly appointed Chairman of the Insurance Development and Regulatory Authority (IDRA), marking the beginning of a new chapter for Bangladesh’s insurance regulatory body.

Following the formal handover of responsibilities on Thursday (18 June), Mir Nadia Nivin held an introductory meeting with officials and employees at the IDRA headquarters, where she outlined her vision for strengthening the country’s insurance sector through modernisation, improved governance and risk-based supervision.

During the meeting, the new chairman emphasised the need for Bangladesh’s insurance industry to gradually move from the traditional compliance-based supervisory framework to a more advanced risk-based supervisory system. She said such a transition would enable regulators to assess insurance companies more effectively by focusing on their financial strength, risk management practices and ability to protect policyholders’ interests.

“A clear and realistic long-term vision is essential for the overall success of any institution and the sustainable development of an entire sector,” Mir Nadia Nivin said. “Achieving that vision requires close cooperation among the regulator, insurance companies and all other stakeholders.”

She highlighted that enhancing public confidence in the insurance industry remains a key priority. According to her, ensuring prompt and efficient claims settlement, strengthening corporate governance, maintaining financial stability and developing a modern regulatory and supervisory framework are critical to achieving sustainable growth in the sector.

Mir Nadia Nivin also said that IDRA will continue working toward establishing a technology-driven regulatory environment aligned with global standards. Such initiatives, she noted, will help improve transparency, efficiency and answerability in the insurance industry.

The introductory meeting was attended by Nazma Mobarek, Secretary of the Financial Institutions Division (FID), as the chief guest. Additional Secretary of the FID Md. Sayeed Kutub, IDRA members, senior officials and employees also participated in the event. The programme was conducted by Md. Fazlul Haque, Member (Administration) of IDRA.