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MUMBAI: The government has shortlisted eight applicants, including former chief secretary of Karnataka Subhash Chandra Kuntia, New India Assurance chairman G Srinivasan and LIC chairman VK Sharma, for the post of chairman of the Insurance Regulatory and Development Authority (Irda). The other shortlisted candidates are Irda member (life) Nilesh Sathe, three managing directors of LIC and Badri Singh Bhandari, whole-time director of the Pension Fund Regulatory and Development Authority.
“The government had shortlisted eight candidates and the interview is scheduled on March 5,” said a source close to the development. TS Vijayan, former chairman of Irda, retired on February 20. Vijayan, who served as LIC chairman before his Irda posting, was from the industry. The earlier three chairmen of Irda — N Rangachary, CS Rao and J Hari Narayan — were all former public servants. In November, the government had invited applications and received 40 applications, including from several bank chairmen, managing directors of LIC and retired state chief secretaries. The finance ministry amended the notification allowing chairmen of public sector general insurance companies and senior executives of LIC, in the rank of additional secretary, to apply for the post.
The Irda chairperson holds office for five years and is entitled to a consolidated salary of Rs 4.5 lakh per month, according to the Insurance Regulatory and Development Authority Act of 1999. After a long hiatus, the appointments committee of the cabinet approved the two appointments of whole-time directors last week. Sujay Banarji, officiating chairman and managing director of Oriental Insurance Company, was appointed as member distribution, Irda –– a post vacant for over a year. Also, Pravin Kutumbe, executive director, investment, LIC, was appointed as member finance, a post vacant since May 2017.