Deepak Sood, Member, Non-life, IRDAI
Sood had started his career in state owned United India Insurance(UII) in 1988 and afterwards had joined private sector insurance companies. He has earlier worked in Bajaj Allianz Insurance.
New Delhi: The government on Monday has appointed private sector professional Deepak Sood,59, independent director, Prudent Corporate Advisory Services & non-executive director, Gimar lnsurance Brokers and independent consultant as member (Non-Life) in Hyderabad based Insurance Regulatory and Development Authority of India (IRDAI) .
The post had fallen vacant after Thomas Devasia , who was also from the private sector had retired last month after completing his 22-month tenure at the insurance regulatory body.
Sood had started his career with state owned United India Insurance(UII) in 1988 and afterwards had joined private sector insurance companies. Starting with Bajaj Allianz General Insurance, he had worked both with Future Generali India Life Insurance and Future Generali India General Insurance as a CEO.
The Financial Sector Regulatory Appointment Search Committee (FSRASC), headed by cabinet secretary Rajiv Gauba, had interviewed six shortlisted candidates for choosing the IRDAI’s non-life member last month.
The candidates are- Sood,Rejeshwri Singh, CMD, National Insurance Company, Randip Singh Jagpal, executive director, IRDAI, CS Radhika, general manger, United India Insurance (UII) Balasubramanian Pulicat, currently a general manger of Saudi Arabian Insurance Company and Sanjay Jha, general Manager, Oman Insurance.
The post of member, Non-life, IRDAI has fall vacant after Thomas M Devasia retired on July 12,
Sood is the third private sector candidate to be appointed as a member at the IRDAI after Devasia, 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 had altered the scenario completely.
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 going forward as the 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.