The insurance regulator in Bangladesh has introduced the noble initiatives for unification of the ranks or grades of insurance employees of 80 insurers.
Under the leadership of its present chairman – Dr. M Mosharraf Hossain, FCA, the regulatory body has, for the first time, been successful in eradicating the long prevailing vice in the market.
Another noble initiative has been introduction of similar grading systems among the insurance companies as per the followign chart:
It is expected that this unique grading system will bring discipline in the raking of employees and ensure professionalism in the market.
In the banking sector, there are almost uniform grading. For example, in the AB Bank you can find the following ranks:
- Managing director
- Additional MD
In the TRUST Bank gadding, you can find the followings:
- Managing Director
- Additional MD
- Junior Officer
From the above 02 banks it is evident that they are close to grading other than FAVP of Trust Bank.
In the insurance companies, there are little or no similarities of ranks. They use different ranking, significantly varying from one company to another.
Of late, the insurance regulator has paid due attention to this critical issues. The IDRA circular GAD -6/2021 suggests that the uniform grading is to be implemented wef 01-Jul-2021.
Let’s have a look in the ranks of Bangladesh Army/Navy/Air Force:
Let’s have a look in the ranks of Bangladesh Army/Navy/Air Force – commissioned officers:
Let’s have a look in the ranks of Bangladesh Army/Navy/ Air Force- Junior/Non-commissioned Officers:
Let’s have a look in the ranks of Bangladesh Police:
Many thanks for your reading. Put your opinion in the comment section.
Mr. Abdul has been in insurance sector of Bangladesh for a decade. He is an Associate Member (ACII) of Chartered Insurance Institute of London.