Bangladesh, Nov. 12 -- The government has approved the Insurance Development and Regulatory Authority's (IDRA) proposal to relocate its headquarters from Motijheel to Agargaon in the city at a significantly higher rental cost.

It raises questions about the rationale for the move when most insurance companies it regulates have their head offices in and around Motijheel, according to officials.

The Finance Division recently gave its approval after the Financial Institutions Division (FID) forwarded IDRA's proposal, allowing the insurance regulator to pay Tk 130 per square foot, compared with its current rent of Tk 78 per square foot.

IDRA says that, in addition to the Tk 78 rent, it currently makes separate payments for security service...