Dhaka, Jan 26 (UNB) - The government has named M Shefak Ahmed as the new chairman of the Insurance Development and Regulatory Authority (IDRA) to ensure proper management in the sector.

The other members of the IDRA are Dhaka University teacher Prof Muhammad Ziaul Huq Mamun, former Bangladesh Bank executive director Nabagopal Banik and former Joint Secretary at the Law Ministry Shamsher Ali, according to an official order of the Banking and Financial Institutions Division of the Ministry of Finance.

Earlier, last year, the Insurance Development and Regulatory Authority Act 2010, was enacted.

Talking to UNB, Banking and Financial Institutions Division Secretary Shafiqur Rahman Patwari said that another member of the regulatory body would be appointed later.