Secys, PSU insurer heads among those keen on IRDAI top job

Two secretary-level bureaucrats and heads of two state-run insurance firms among others have evinced interest in heading the Insurance Regulatory and Development Authority of India (IRDAI).

A government official confirmed that around a dozen applications are being reviewed for the post. “Financial Sector Regulatory Appointment Search Committee will call shortlisted candidates for final interviews. We expect this to be done by the end of June,” he said. Subhash Chandra Khuntia, 1981-batch IAS, was appointed in May 2018 for a period of three years.

As per the government’s eligibility criteria applicant is required to have at least 30 years of work experience and should have served as secretary to government or at equivalent level in other institutions.

Candidates from the private sector can also apply if they have worked as CEO or equivalent of a large financial institution. The search committee is also free to identify and recommend, based on merit, any person other than those who have applied.

“In respect of outstanding candidates, the committee may also recommend relaxation in eligibility and qualifications and experience criteria,” said the government notification inviting applications for the post read. Commerce secretary Anup Wadhawan and Life Insurance Corp. chairman MR Kumar superannuate next month and are believed to be in the running.

“With the government’s insurance privatisation plan in full swing, chief executive of a general insurance firm has also thrown his hat in the ring,” said a person aware of the developments.

TS Vijayan, a former LIC chairman has been the only non-bureaucrat to head IRDAI.

Source: The Economic Times

News Update (insurancealerts.in)