Three candidates have applied for the post of two whole-time members at Insurance Regulatory and Development Authority of India (Irdai). In October, the Department of Financial Services at the ministry of finance had invited applications for filling up the positions of member for distribution and member for actuary at Irdai.
Sources in the insurance industry say that Tajinder Mukherjee who is currently chairman-cum-managing director at National Insurance and AV Girija Kumar of Oriental Insurance have applied for the post of member-distribution, while Pournima Gupte has re-applied for the post of member for actuary. Term of both the current members will come to an end in January 2020.
“As of now dates of the interview process has not been finalised, but with post of both the members being vacant in January, we expect interviews to take place in the next few days. We might even see more names coming out as the day of interview comes near,” said a senior official from the insurance industry.
At present, Sujay Banarji is member-distribution, while Pournima Gupte is member for actuary. 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 investment. K Ganesh is the member for life, TL Alamelu is member-non-life and Pravin Kutumbe is member for finance and investment.
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.