IRDAI Chairman appointment process likely to take another month

New Delhi, Apr 23: The Chairman’s post of Insurance Regulatory and Development of Authority (IRDAI) is likely to remain vacant for another month as the cabinet body dealing with the appointment is expected to take another three to four weeks to finalise the candidate.
Sources said that the Appointments Committee of the Cabinet (ACC) will announce the name only by the third week of May.
IRDAI regulates all matters pertaining to the insurance industry. The chairman’s post has been lying vacant since the end of February 2018 after former regulator TS Vijayan’s tenure came to an end.
“While the final interview has been conducted, the final name will only be announced in another four weeks,” said an official close to the development. The interviews were held on March 5.
The ACC, headed by the Prime Minister, will shortlist around two to three candidates for the post in the next few weeks, post which the IRDAI chief’s name will be announced.
For senior positions, including regulatory posts and public sector chief appointments, the ACC takes the final decision.
Senior industry officials including Life Insurance Corporation of India (LIC) chairman VK Sharma, New India Assurance chairman G Srinivasan as well as member-life Nilesh Sathe are in the fray for the top post.
The Financial Sector Regulatory Appointments Search Committee(FSRAC) headed by cabinet secretary PK Sinha is involved in the selection of the IRDAI chairman.
The Finance Ministry had, in November 2017, invited applications to fill up the post of IRDAI chairperson. As per the eligibility criterion, the applicant had to be below 65 years of age, with a minimum work experience of 30 years. However, the person is eligible for reappointment if they have a minimum of two years of residual service on the date of vacancy.
Vijayan was the first industry professional who was appointed as the chairman. All other IRDAI chiefs prior to him were former bureaucrats. This year too, sources indicated that an industry professional could likely be appointed for the position even though bureaucrats have also interviewed for the post.