The government has shortlisted K Sahay and S Roy Chowdhury for the post of member (life), Insurance Regulatory and Development Authority (Irda), a position vacant since G Prabhakaran retired on November 14.
Sahay is the chief executive and managing director, Star Union Dai-ichi Life Insurance, while Roy Chowdhury is executive director (marketing) of Life Insurance Corporation (LIC) of India.
Though there are no clear favourites, sources say Roy Chowdhury, who joined LIC as a direct recruit in 1977-78, is marginally ahead as traditionally, senior LIC officials are considered “naturally” suited for regulatory roles at Irda.
If appointed, Sahay, who also joined LIC as a direct recruit in 1977-78 and served there for 31 years before joining Star Union Dai-ichi Life as chief executive, would be the first from the private life insurance sector to serve as a key Irda official.
Member (life), a post on par with that of additional secretary, is a key position at Irda, as the post accounts for product approvals, product designs and handling policy issues in the life insurance sector.
Last month, a search panel headed by finance secretary R S Gujral interviewed six candidates called on the basis of seniority. The final decision is expected to be taken by the end of this month. Other members of the search committee included D K Mittal, secretary, financial services; Alka Sirohi, secretary, department of personnel & training, and J Hari Narayan, chairman, Irda.
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In another important appointment decision by the same search panel, two executive directors, Sushobhan Sarkar and S K Roy, have been shortlisted for the position for managing director, LIC. Sarkar is executive director, in charge of LIC’s international business, while Roy is zonal manager, eastern region. Sources say Sarkar is the favourite, owing to his experience as head of LIC Mutual Fund and the investment department.
The Central Bureau of investigation is still probing investments by the corporation in 2008 and 2009, and the government is scouting for a candidate not linked to the issue.
The government has its hands full with a number of appointment decisions in the insurance sector, the most important being the appointment of a permanent chairman at LIC, the country’s largest life insurer. Though interviews have been conducted and ministry sources say chairman-in-charge D Mehrotra would be given permanent charge, the government is yet to notify its decision. It is also in the process of appointing the chairman of General Insurance Corporation of India (GIC Re), a position which became vacant after Yogesh Lohiya retired on December 31.