Harinarayan's name is under consideration, sources familiar with the development said. Going by the timing of recent appointment orders of the government, it is likely that it will announce his appointment late on Tuesday and keep everyone guessing.
If appointed, Harinarayan will be the third chief of IRDA after its inception in 1999. Like Rao, Harinarayan is an Andhra cadre IAS officer. Prior to Rao former revenue service officer N Rangachary first headed as the interim regulator of IRDA and was then appointed the chairman of IRDA after the law governing the regulatory agency was put in place.
The new investment guidelines for insurance companies is expected on May 13. With Rao retiring a day later, it remains to be seen whether IRDA will go ahead and announce the new norms or not.
A new IRDA chief is coming at a time when a number of new global general insurers have lined for entering into Indian market in joint ventures with domestic companies.
