The interim government has appointed former senior secretary M Aslam Alam as the new chairman of the Insurance Development and Regulatory Authority (IDRA), the finance ministry said in a circular today.

He has been appointed on a contractual basis for a three-year term or until he turns 68.

Alam's appointment comes following Mohammad Jainul Bari's resignation as chairman of the insurance regulator on September 5.

The post of chairman has been vacant since that day, an official of the Financial Institutions Division said.

Bari quit citing "personal reasons", an official of the finance ministry said on condition of anonymity.

The government named Bari chairman of the insurance regulator in June of 2022 for a three-year term.

M Aslam Alam is the 10th chairman of the IDRA.