“We set aside the impugned order and direct IRDAI to entrust the matter to a competent officer other than P J Joseph, Member (non-life) for passing fresh order on the complaint filed by the appellant(Atkins Special Risks) on merits and in accordance with law,” the SAT judgement said. 

Along with S Khuntia, a former chief secretary, Karnataka, eight other candidates including Nilesh Sathe, member(Life), IRDAI, BS Bhandari, member, PFRDA,  G Srinivasan, CMD, New India Assurance, AV Girija Kumar, CMD, Oriental Insurance Company, VK Sharma, chairman, Life Insurance Corporation(LIC)  and three managing directors of the LIC – Hemant Bhargava, Sunita Sharma and B Venugopal, were interviewed by a five -member panel headed by cabinet secretary PK Sinha. .

“To begin with, the Scheme will cover all deposit-taking NBFCs. Based on the experience gained, the RBI would extend the scheme to cover NBFCs having asset size of Rs 100 crore and above with customer interface,” the RBI said. 

Once he assumes the office, Kutumbe will be serving as member (finance & investment) for three  years, whereas Banarji’s tenure at IRDAI will be for two years only

The names who have  been shortlisted by the search committee are.Nilesh Sathe, member(Life), IRDAI,   G Srinivasan, CMD, New India Assurance, K Sanath Kumar, CMD, National Insurance Company, VK Sharma, chairman, Life Insurance Corporation and three managing directors of the LIC – Hemant Bhargava, Sunita Sharma and  B Venugopal and three retired chief secretaries of Andhra Pradesh, Telengana and Karnataka.  

While four serving/retired officials of the public sector general insurance companies- K Sanath Kumar for Kochi, Sujoy Banerjee, retired director, Oriental Insurance Company for Hydeabad, Vasantha Krishna, director, NIC for Chennai, Milind Kharat, retired CMD of United India Insurance for Maharashtra and Goa and two retired officials of Life Insurance Corporation(LIC)- RG Shinde for Ahmedabad and Kirti Saha for Kolkata- have been selected from the insurance industry another four, belonging to judiciary and bureaucracy, have been picked up with a three tenure to fill up 10 vacant posts.

The RBC model is expected to be implemented by March 2021. The current Solvency Regime will continue till switch over to the RBC regime. 

“SAT has defended our earlier orders: to appoint an administrator in the company, not allowing Sahara Life to do any business further, and referring  the matter back to the IRDAI so that Sahara Life can get an oppootunity to represent its stand properly,’’ said the IRDAI sources.