Dhaka, Jan. 9 -- The insurance regulator-IDRA--has submitted its much-hyped draft ordinance to the Ministry of Finance, seeking sweeping new powers to intervene in the governance of troubled insurers.

The proposed ordinance is to empower the IDRA (Insurance Development and Regulatory Authority) to set into any company board and reconstitute it where serious governance failures are identified, officials familiar with the development told the FE on Thursday.

According to them, the draft ordinance was sent to the financial institution division under the Ministry of Finance (MoF) just a couple of days back.

The finance ministry is expected to review it in the coming weeks, they mentioned.

Besides, malfunctioning insurance firms may also f...