A panel headed by Cabinet Secretary PK Sinha interviewed the candidates for the post of Insurance Regulatory and Development Authority of India (IRDAI) chairman on March 5. The post fell vacant after incumbent chairman, TS Vijayan, retired on February 20 on completion of his five- year term.
The Financial Sector Regulatory Appointment Search Committee (FSRASC) had shortlisted eight candidates for the interview. According to sources, former Corporate Affairs Secretary Tapan Ray and former Chief Secretary of Karnataka SC Kuntia are tipped to be the front-runners for the post.
Other candidates who appeared for the interview were VK Sharma (LIC chariman), Nilesh Sathe (IRDAI Life member), G Srinivasan (New India Assurance chairman), K Sanath Kumar (National Insurance Company chairman), and BS Bhandari (Director of Pension Fund Regulatory and Development Authority).
The FSRASC will recommend the selected candidate to the Ministry of Finance, which will take the final call. The government may take up to two weeks to make a final decision after the recommendation, one of the officials informed. The Intelligence Bureau would also be required to clear the appointment of next IRDAI chairman.
The tenure of the chairman would be five years from the date of joining the office and he shall not hold office beyond 65 years of age. However, he would be eligible for reappointment if he has a minimum two years of residual service on the date of termination.
*Source: The Times Of India
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