Though as early as July, the government had advertised for two posts of members- `Finance and Investment’ and `Actuary’ at the Irdai, no body has been selected for these posts as yet
Hyderabad:
Even as the government is yet to make any new appointments to replace two retiring members of the Irdai, the insurance regulator has effected a couple of senior level reshuffles at its Hyderabad headquarters.
According to a new notification issued last week by the Irdai, executive director J Meena Kumari, who is currently in charge of department of Life, will also be handling its department of Supervision.
GR Suryakumar, chief general manger(CGM), Irdai, has been shifted from department of Supervision to department of Finance & Investment(F&I).
A Ramana Rao, CGM, who is currently in charge of F&I, is being posted at department of Health to replace Yegnapriya Bharath, who is hanging her boots tomorrow.
Meanwhile, Mamta Suri, executive director, Irdai, will be retiring during the month end. Another ED of Irdai Suresh Mathur, who is now on a deputation as a director of Hyderabad based Indian Institute of Risk Management(IIRM), will also be retiring soon on Jan 31, 2024.
S N Jayasimhan,CGM, one of the long time officials of the Irdai, will be calling it a day soon.
Irdai, which has four posts of EDs, will soon promote two of its CGMs to fill up imminent vacancies of EDs.
IRDAI currently has four EDs including Suri, Randeep Singh Jagpal and Mathur.
Sources also point out that the Irdai will also soon make new appointment of a new director at IIRM from the open market.
“Some retired bankers have been shortlisted and one name will be finalised soon,” said sources.
However, though as early as July, the government had advertised for two posts of members- `Finance and Investment’ and `Actuary’ at the Irdai, no body has been selected for these posts as yet.
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 and is likely to get another two or three-year extension.
According to government sources, though a lot of candidates across the various segments of the Indian financial sector, have applied for both the posts, the Financial Sector Regulatory Appointments Search Committee(FSRASC), headed by Cabinet Secretary Rajiv Gauba, has not completed the interviews for selecting any candidates for both the posts yet.
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, has currently five posts of members handling different portfolios.