IRDA is likely to get a new Member Actuary with the Finance Ministry recommending a candidate in an interview held in Delhi recently.
“There were three candidates interviewed for the position — two from IRDA and one from the industry. We have made our recommendation to the Government,” said Financial Services Secretary, Rajiv Takru.
The position, which is of the rank of Additional Secretary at the Centre, has been vacant since May 2011 when the former Member-Actuary at IRDA, R. Kannan, retired.
Though the IRDA had advertised for the position on two earlier occasions, they were unable to finalise a candidate.
The three applicants who were interviewed are: Shyama Prasad Chakraborty, Deputy Director, and Meenakumari J., Joint Director, both in the actuarial department of the insurance regulator; and Pournima Gupte, is an actuary at Reliance Life.
The insurance industry has been complaining about delays in clearance of products as the Member-Actuary position, which is responsible for approval of products, was vacant.
The position assumes significance as currently life insurers are in the process of re-filing all their existing productsfor fresh approval.
The IRDA guideline for traditional life insurance products entails changes in the structure of these products. Any product not complying with these guidelines will have to be withdrawn by July 1, which is the deadline for group products, and October 1, in the case of individual products.
