Government today has appointed two members at the insurance regulator IRDAI. Kutumbe Pravin Hari, 58,executive director , Life Insurance Corporation(LIC) has been appointed as member (Finance & Investment) while Sujay Banarji,60,.former director, Oriental Insurance Company(OIC) has been appointed as member (distribution).
Banarji retired from the post of director at OIC in January-end.
The post of member (finance & investment) was lying vacant since VR Iyer retired in May, 2017. The post of member (distribution) was lying vacant at IRDAI since DD Singh retired in October, 2016.
Though the maximum tenure of a member, IRDAI, is for three years, appointment of both Once, he assumes the office, Kutumbe will be serving as member (finance & investment) for three years, whereas Banarji’s tenure at IRDAI will be for two years only.
“The Appoitmentments Committee of the Cabinet(ACC) has appointed Banarji and Kutembe as wholetime members of IRDAI with effectfrom the date of assumption of charge of the postfor a period of three years or till the age of 62 years, or untill further orders, whichever is the earliest,'' said an order issued by the Department of Personnel and Training(DOPT)
Banarji earlier was selected as an Insurance Ombudsman, Hydearabad and it would be worth watching which post he would opt for.
The powerful Financial Sector Regulatory Appointments Search Committee(FSRAC) headed by cabinet secretary, PK Sinha had interviewed 20 candidates for botjhe the posts in Nov, 2017.
At present, there are three members at IRDAI including Purnima Gupte (actuary), PJ Joseph (non-life) and Nilesh Sathe (life).
TS Vijayan, the present chairman at IRDAI will be demitting his office on February 20 and the government may appoint one of the serving members as officiating chairman by February 19.
It is believed that Purnima Gupte, who is the senior most among the three members, may be asked to take over as officiating chairman at IRDAI until a new person is appointed by the government.
Meanwhile 10 candidates have been shortlisted by the government for the post of IRDAI chairman.However, the interview for the post was yet to take place.