New Delhi:

After much delay due to prevailing Covid-19 Pandemic in the country, a top panel Cabinet Secretary Rajiv Gauba will interview a 16 short listed candidates,on Oct 9, virtually to select two members, for Distribution and Actuary, of the insurance regulator,IRDAI, .

While 10 candidates have been short-listed for the interview of Member, Distribution,six actuaries will be scrutinised by the panel, that  to choose the member, Actuary.

Both the posts are currently lying vacant as Sujoy Banerji,retired as member, distribution in February after reaching 62, while Pournima Gupte, completed her five year tenure in Januray.

Gupte has re-applied for the post.Sanjeev Pujari,president Acturial & Risk Management, Sbi Life Insurance along with a few other actuaries who are working in Indian insurance companies,have also been short listed for the interview.

Among other candidates who have been called for the interview of Member, Distribution,are: Girija Kumar, former CMD, Oriental Insurance Company(OIC), Suresh Mathur, executive director, IRDAI, Randeep Singh, chief general manage,IRDAI Girish Radhakrishnan, CMD, United India Insurance(UII), DTV Sastri,former general manger,UII, Sarat Kumar Samantaray, former general mananger,National Insurance Company.

Besides the chairman,insurance regulator has five full-time members on its board. Apart from member-distribution and actuary, other members include life, non-life and Finance and investment. 

K Ganesh is the member for life, TL Alamelu is member-Non-Life and Pravin Kutumbe is member for finance and investment.

Subhash Chandra Khuntia, chiarman, IRDA will be completing his three-year tenure in May 2021.

“It has to be seen whether Khuntia, who had joined IRDAI at the age of 60, gets another extension till he reaches 65 or the goverment has to hunt for a new chairman of the IRDAI.In case of the capital market regulator,Sebi,recently, the government extended the tenure of incubment Ajay Tyagi till he reaches 65 after the panel headed by Cabinet Secretary,which had interviewed a few candidates, failed to find a successor to him,'' said industry observers.

The ministry of finance had advertised these two posts of members in Oct 2019.

The consolidated pay and allowances of the whole-time member, who can hold the post till age of 62, is Rs.4.00 lakh per month without facility of house and car. 

According to the Department of Financial Services, conditions prescribed for the post of whole-time member in the actuarial filed, eligible candidate should be fellow of the Institute of Actuaries of India or fellow of the Institute of Actuaries in UK. They can be also fellow of Society of Actuaries in the US or fellow of Canadian Institute of Actuaries, Canada.

The candidate cannot be above 50 years to apply for the post of actuary in Irdai and has to have at least five years of experience in the area of actuarial functions.

While for the post of whole-time member-distribution, the eligibility criteria set by the government includes at least 25 years of experience of post qualification experience, of which at least 15 years should be in the relevant field.