The government has appointed former secretary Mohammad Jainul Bari as the new chairman of the Insurance Development & Regulatory Authority (IDRA), said the finance ministry in circular today.

He has been appointed on a contractual basis for a three-year term.

Bari's appointment came after M Mosharraf Hossain stepped down as the chairman of the insurance regulator on Tuesday.

Hossain resigned on June 14 and it was accepted. As a result, the post of the chairman became vacant from today, said the Financial Institutions Division in a notice earlier. 

Hossain quit citing "personal reasons", said an official of the finance ministry, preferring anonymity.

Hossain could not be reached for comments.

The government made Hossain chairman of the insurance regulator in September 2020 for a three-year term. This means he quit nearly more than a year before his tenure comes to end.