Race for prime Irdai publish: Bureaucrats, insurers within the fray

A troublesome race is on for the publish of Chairman of the Insurance Regulatory & Development Authority of India (Irdai), with many retired and serving bureaucrats and insurers coming into the fray.
BVR Subrahmanyam (1987 batch) who just lately joined as Secretary, Ministry of Commerce after serving because the Chief Secretary of Jammu and Kashmir (J&Ok) since 2018; Manoj Parida (1986 batch); who has just lately been appointed as Chairman of the National Authority of Chemical Weapons Convention; VP Joy (1987), Chief Secretary, Kerala, Chhabilendra Roul (1985), former Secretary, Department of Fertilizers; Preeti Sudan, (1983 batch) who had retired because the Union Health Secretary in July 2020; and Anup Wadhawan, who retired as Secretary, Ministry of Commerce in May-end are among the many serving and retired IAS officers who’ve utilized for the highest place at Irdai, mentioned a supply.
The title of Injeti Srinivas, presently Chairman of International Financial Services Centres Authority (IFSCA), positioned in GIFT City, Ahmedabad, can be doing the rounds for the Irdai publish. MR Kumar, Chairman, Life Insurance Corporation (LIC) is the lone candidate from the general public sector insurance coverage sector. Although he had utilized for the Irdai job, he might not be within the race now as he has been given an extension because the Chairman of the Corporation until March 2022.

Not surprisingly, from inside Irdai, TR Alamelu, Member, Non-life, and Ok Ganesh, Member, Life, have put of their purposes although they’re within the rank of further secretary.
There are two candidates from the non-public sector insurance coverage trade. Rajesh Relhan, former MD & CEO, PNB Metlife India and S S Gopalarathnam, former MD of Cholamandalam MS General Insurance have utilized.
The final date for the appliance was May 29. While the Irdai publish has fallen vacant after Subhash C Khuntia, a former chief secretary of Karnataka, ended his three-year time period on May 6, the choice course of is prone to take a few months.
According to sources, there aren’t any purposes from the general public sector firms as not one of the managing administrators of LIC and CMDs of the non-life firms are eligible to use because of the eligibility standards that solely officers within the rank of Secretary, Government of India, are eligible to use.
However, trade observers have identified that eligibility standards has been beneficial to personal sector professionals as any CEO of a non-public sector monetary establishment with 30 years’ expertise can apply for the highest Irdai job whereas an MD of LIC or a CMD of public sector basic insurer can’t try this as he/she is just not a secretary-rank official.

Wadhawan’s title is being talked about as one of many main candidates, as he had a stint within the Department of Financial Services (DFS) earlier as a Joint Secretary answerable for insurance coverage sector and was additionally the performing Chairman of PFRDA, trade sources mentioned.