SAT has asked the insurance regulator IRDAI to pass a new order after providing an “opportunity of hearing’’ to E-Meditek Insurance TPA(as expeditiously as possible.  

“We are filing our appeal by this weekend in the SC after looking into the SAT order. The whole  SAT judgment is  appears to be a `hasty decision, prejudiced and biased ‘’and has been  delivered without giving a fair chance to IRDA and its member Joseph. We are sure it won’t stand to the SC’s scrutiny ,’’ said a senior official the IRDAI

The violations observed in the inspection of the IRDAI against the E-Meditek TPA are of such serious nature that it is detrimental to the interests of policy holders and the insurers and allowing E-Meditek to continue their activities as TPA shall have adverse impact on the policyholders and insurers, said IRDAI order.signed  by the IRDAI member(Non-lIfe) PJ Joseph 

“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.