Sinha is now expected to play a key role in processing applications of new players, who have applied for the licenses , numbering over 20, and implementing regulator’s key innovative tech platforms like Bima Sugam and Bima Vistaar, which were piloted by his predecessor Rakesh Joshi
Hyderabad:
Even as Rajay Kumar Sinha,56, has taken over member, Finance & Investment at the IRDAI, the insurance regulator has promoted A.R. Nithiyanantham, chief general manger as one of its the executive directors on Wednesday.
Earlier Sinha, after being selected by the high powered Financial Sector Regulatory Appointment Search Committee( FSRASC), headed by cabinet secretary Rajiv Gauba, has quit his job at the State Bank of India, the country’s largest bank, to take up his new assignment at the IRDAI on Jan 24. He was MD& CEO, of SBI Capital Markets, the investment banking arm of SBI, at the time of his selection for the post of member,IRDAI.
Sinha is now expected to play a key role in processing applications of new players, who have applied for the licenses , numbering over 20, and implementing regulator’s key innovative tech platforms like Bima Sugam and Bima Vistaar, which were piloted by his predecessor Rakesh Joshi.
Joshi, who retired in December 2023, is still involved in the implementation of Bima Sugam and attends important meetings on the project with his former deputy Mamta Suri, who retired as an executive director of the IRDAI in November 2023.
Currently, IRDAI has all the five members as PK Arora, member(Actuary), whose term had come to an end in Jan 04, had got two years of extension and Sinha could join his new job quickly.
The FSRASC will soon conduct an interview for member(Distribution)as the incumbent SN Rajeswari will be retiring on March 4.
The IRDA has also promoted A.R. Nithiyanantham as one of its EDs. It has also promoted its three of its officials, TS Naik, Sudipta Bhattacharya and Mahipal Reddy, as chief general managers.
A committee headed by chairman Debasish Panda and participated by Sinha and Arora, had conducted the interview over two days to select three CGMs and one ED.
Though, there was another post of ED lying vacant, IRDAI has four post of EDs, after Suresh Mathur retired on Wednesday, the IRDAI has not been able fill it up due to dearth of eligible candidates.
Sources said it may take more than a year to fill it up as no general managers in the IRDAI are expected to be eligible for promotion till that that time.
Meanwhile, Atanu Kumar Das, a former CMD of Bank of India , has joined as the director of Hyderabad based Insurance Institute of RiskManagement(IIRM).