No business decisions were taken during the meeting as IRDAI chairman Debasish Panda’s tenure is ending on Thursday. It was the last board meeting of the IRDAI under the chairmanship Panda, who will be completing his three-year tenure at the regulatory body on Mar 13.
Hyderabad: Insurance regulator IRDAI’s board met under the chairmanship of Debasish Panda on Wednesday.
However, no business decisions were taken during the meeting as Panda’s tenure is ending on Thursday. It was the last board meeting of the IRDAI under the chairmanship Panda, who will be completing his three-year tenure at the regulatory body on Mar 13.
The IRDAI Board meeting was orginally scheduled on Mar 24 but was preponed to March 12.
Panda had met different departments of IRDAI on Tuesday and had advised them to carry on the good works for the growth of the Indian insurance industry.
According to sources, Panda pointed out that the IRDAI during last three years has brought about a great deal of changes in the insurance industry and is now waiting for new Amendment Bills to further transform the industry.
Among other issues, it was expected that the board meeting on Wednesday may consider granting approvals –R2-to the first private sector reinsurance company, Value Attics Reinsurance Limited, set up by Canadian billionaire Prem Watsa’s Fairfax group and Kamlesh Goyal.
The IRDAI Board will also soon have a new part time member from the government as M.P. Tangirala additional secretary, Department of Financial Services (DFS), who has been a government’s part-time member in the IRDAI, has been shifted to TRAI as a whole-time member of Telecom Regulatory Authority of India(TRAI).
The government is yet to post a new additional secretary at the DFS.
Though expectations were running high that Panda may get extension to pursue his high growth agenda for the industry for some more time, it has not happened and the government has already advertised for the post on Sunday evening.
Many new promoters, like Westbridge Capital joint venture(JV) with Nilesh Garg, Sam Ghosh’s Cosmea Financial Holding along with a partnership Qatar Insurance Group, M Pallonji Group JV with True North, for setting up general insurance companies will be soon lining up for getting licenses, R2, from the IRDAI.