New Delhi:
The government, on Saturday, has appointed Thomas M Devasia of Marsh India Brokers as the member, non-life in the insurance regulator IRDAI.
This is for the first time; as reported by Asia Insurance Post earlier, the government has picked up a private sector professional as a member.Non-Life of the IRDAI.
“The Appointments committee of the cabinet (ACC), based on the recommendation of the Financial Sector Regulatory Appointments Search Committee (FSRASC) has approved the appointment of Devasia, Technical Expert – Large Risks (Energy & Infrastructure – Onshore and Offshore), Marsh Insurance Brokers India, Kochi, Kerela to the post of whole-time member (Non Life), IRDAI from the date of assumption of charge of the post till he attains the 62 years or until further orders whichever is earlier,” said a letter from ACC.
Earlier the post has always been occupied by the senior officials from the public sector general insurance companies.
Devasia had started his career with GIC Re in 1986 and has worked with many Middle East based foreign companies before joining Marsh in 2021.
The post of member, life at the IRDA is also currently vacant after K Ganesh retired in July end.
It is yet to be seen whether the government will prefer a private sector professional over a senior official from the Life Insurance Corporation, who has always been appointed to the post.
Setting a new trend of appointing private sector professionals to the senior regulatory jobs at the IRDA, earlier, Rakesh Joshi, a former executive vice president and group head(Debt Markets)at SBI Caps, was appointed as member, Finance and Investment in March this year.