The race for member (Finance and Investment) is hotting up as it is believed N. Srinivas Rao, a former joint secretary, department of financial services(DFS) and currently a chief economist & president (Corporate Affairs), Bajaj Finserv, Lalit Kumar Chandel, again a former bureaucrat in DFS and currently on a deputation to be the managing director of the proposed general insurance company to be set up by Andhra Pradesh Government and Mamta Suri, executive director, IRDAI are some of the senior officials who have applied for the IRDAI job
New Delhi/Hyderabad:
The race for insurance regulator IRDAI’s member, Finance and Investment(F&I), post has hotted up as the Telangana High Court has directed the department of financial services(DFS) to consider the application of S.N Jayasimhan, chief general manager (CGM), for the same post.
Jayasimhan had approached the Telangana High Court as the IRDAI did not forward his application for the post in IRDAI to the DFS.
On its part, the IRDAI told the court that it did not forward Jayasimhan’s application to the Department of Financial Services on the ground that he “may not be eligible” for the position.
The race for member (Finance and Investment) has become a talk of the industry as it is believed N. Srinivas Rao, a former joint secretary, DFS and currently a chief economist & president (Corporate Affairs), Bajaj Finserv, Lalit Kumar Chandel, a former bureaucrat in DFS and currently is on a deputation to serve as the managing director of the proposed general insurance company to be set up by Andhra Pradesh Government and Mamta Suri, executive director(F&A), IRDAI are some of the senior officials who have applied for the IRDAI job.
Both Rao and Kumar belonged to Indian Economic Service(IES) and had handled insurance while working in DFS earlier.
The government earlier had advertised for the two posts of members- `F & I’ and `Actuary’, at Hyderabad based IRDAI.
The last date for submitting applications for the jobs was Aug10.
Rakesh Joshi, member, Finance and Investment, IRDAI, who had joined on March 22, 2022, will be retiring on Dec 2, 2023 after reaching 62.
Parmod Kumar Arora, member, Actuary, IRDAI, who had joined on Jan 4, 2021 will be completing his three-year tenure on Jan 4, 2024. Arora will be 58 at the time of completing his three year stint at the IRDAI.
According to the existing IRDAI regulations, a member can continue till the age of 62 while a chairman can hold office till 65.
The IRDAI, headed by chairman Debasish Panda, chairman, has currently five posts of members.
The DFS in its notification had mentioned that the appointment will be made by the Central government on the recommendation of the Financial Sector Regulatory Appointment Search Committee headed by cabinet secretary.
With inputs from IANS