Five candidates are Rejeshwri Singh, CMD, National Insurance Company, Randip Singh Jagpal, executive director, IRDAI, CS Radhika, general manger, United India Insurance and two other candidates from the private sector insurance industry-Balasubramanian Pulicat, general manager, Saudi Arabian Insurance and Sanjay Jha, general Manager, Oman Insurance
New Delhi:
The government has shortlisted five candidates for the post of member, Non-life at Hyderabad based insurance regulator IRDAI and set the date for interviewing these officials on June 10.
The candidates are- Rejeshwri Singh, CMD, National Insurance Company, Randip Singh Jagpal, executive director, IRDAI, CS Radhika, general manger, United India Insurance UII and two other candidates from the private sector insurance industry based in Middle East.
The private sector candidates are Balasubramanian Pulicat, who had started his career with United India Insurance and currently a general manger of Saudi Arabian Insurance Company and Sanjay Jha, general Manager, Oman Insurance.
The post of member, Non-life, IRDAI will fall vacant after incumbent Thomas M Devasia retires on July 12, after completing his 22-month tenure at the insurance regulatory body.
Devasia was the second private sector candidate to be appointed as a member at the IRDAI after Rakesh Joshi, who was earlier appointed as member Finance and Investment of the IRDAI.
However, this time somebody from the PSU insurance industry will be selected as member, Non-Life, said government sources.
The Financial Sector Regulatory Appointment Search Committee (FSRASC), headed by cabinet secretary Rajiv Gauba, will interview all the candidates for choosing the IRDAI’s non-life member.
Singh had taken over as the CMD of NIC in July, 23 and has still couple of years for retirement.
Recently, Satyajit Tripathy after retiring as CMD of United India Insurance, was appointed as a member, Distribution ,IRDAI. Jagpal had recently appeared for the interview for the post of member, IRDAI, Distribution.
After getting a new member for Non-Life, IRDAI will have a full team of five members for the next 2-3 years.
Earlier, PK Arora had got two-year extension as member, Actuary and Rajay Kuma Sinha had joined as a new member, Finance, at the IRDAI after quitting his job at the country’s largest bank- State Bank of India.
IRDAI is expected to have busy time after the general elections, as the new government intends to bring about a slew reforms on the insurance sector including allowing composite license that will enable a player to do Life , Non-life and Health business with one license.