V R Iyer takes charge as member-finance and investment at IRDAI

Iyer was CMD of Bank of India and succeeds R K Nair at insurance regulator

Vijayalaxmi R Iyer has joined the Insurance Regulatory and Development Authority of India as Whole Time Member (Finance & Investments) with effect from today June 15, 2015

Iyer was earlier the chairperson and managing director of Bank of India and has taken over the post from R K Nair who retired from the post in mid-March. The position is vacant since then. 

She took over as chairperson and managing director of Bank of India on November 5, 2012, retired in May. Prior to this, Iyer was executive director of Central Bank of India from September 1, 2010. A post-graduate in commerce and a certified associate of the Indian Institute of Banking and Finance (CAIIB), Iyer started her career with Union Bank of India in 1975.

According to the notification by the Department of Financial Services, a whole-time member in the area of finance and investment should preferably have at least 25 years' experience in the area of finance and investment with a minimum of three years experience at a senior level not below the rank of chief general manager of RBI or its equivalent in other financial institutions or regulatory bodies.



Also, the applicant should have at least two years of residual service with reference to the post of whole-time member in Irdai as on the last day for receipt of applications and age should not exceed 60 years on that day.

The tenure of appointment to this post will be five years from the date of joining office with a provision of re-appointment subject to the maximum age of 62 years. The consolidated pay and allowances of the whole-time members would be Rs 3.75 lakh a month without facilities such as house or car.

According to the Section 4 of Irda Act, 1999, the regulatory body is composed of a 10-member team consisting of a chairman, five whole-time members and four part-time members. All of them are appointed by the Government of India. Senior appointments under the Centre require approval from the Appointments Committee of the Cabinet (ACC).

Member (F&I) at Irdai looks into all finance and investment related regulations and norms governing the insurance sector. This includes auditing, accounting, investments in the equity and debt market and solvency margins, among others.