The candidates are- Rejeshwri Singh, CMD, National Insurance Company, Randip Singh Jagpal, executive director, IRDAI, CS Radhika, general manger, United India Insurance UII and three other candidates from the private sector insurance industry-Deepak Sood, a consultant at Prudent Coporate Advisory Services and Balasubramanian Pulicat, general manger of Saudi Arabian Insurance Company and Sanjay Jha, general Manager, Oman Insurance

According to sources, the choice may be between Sood and Jagpal, who is originally from NIC and has spent decades at the IRDAI since its inception in 2000

New Delhi: After postponing it once, the government will conduct interviews for selecting a new member, Non-Life, at Hyderabad based Insurance Regulatory & Development Authority(IRDAI) on Thursday.

The Financial Sector Regulatory Appointment Search Committee (FSRASC), headed by cabinet secretary Rajiv Gauba, will interview six shortlisted candidates for choosing the IRDAI’s non-life member. IRDAI chairman Debasish Panda will be part of the interviewing panel.

One more new private sector candidate Deepak Sood, who has earlier worked with couple of private sector general insurance companies, has been added to the existing list of five in the last moment.

The other candidates are- Rejeshwri Singh, CMD, National Insurance Company, Randip Singh Jagpal, executive director, IRDAI, CS Radhika, general manger, United India Insurance (UII) and three other candidates including two from the private sector insurance industry based in Middle East.

The private sector candidates are Sood, a consultant at Prudent Corporate Advisory Services, 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, who had earlier worked with Life Insurance Corporation and Future Generali India Life Insurance, now with Oman Insurance.

The post of member, Non-life, IRDAI has fall vacant after Thomas M Devasia retired 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.

Though, it was expected that this time somebody from the PSU insurance industry may be selected as IRDAI’s Non-Life member, the last moment addition of Sood’s name for the interview, has altered the scenario completely.

According to sources, the choice may be between Sood and Jagpal, who is originally from NIC and has spent decades at the IRDAI since its inception in 2000.

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 a busy time as the Modi government may bring about a slew reforms in the sector by amending different Insurance Acts for allowing composite license that will enable a player to do Life , Non-life and Health business with one license.