The Insurance Development and Regulatory Authority on Sunday appointed retired Brigadier General SM Ferdous as administrator to Sonali Life Insurance with immediate effect.
According to a letter issued by IDRA, Ferdous will have to submit a report after taking charge in accordance with the 96(1) clause of the insurance act 2010.
He will also have to hire a qualified local or foreign auditor and conduct a full audit into the company as soon as possible, the letter said.
The newly appointed administrator will manage the business and related activities as per clause 95(3) of the Insurance Act 2010, including the issuance of policies.
The letter also instructed that Ferdous would have to seek prior permission from IDRA when facing any issue with managing insurance-related activity, and would be able to appoint consultants, if needed.
