CMDs of PSU banks, insurance executives apply for IRDAI posts

In a new trend, several serving CMDs of public sector banks and insurance companies have applied for three posts of members of the Insurance Regulatory & Development Authority of India (IRDAI).
The Centre had earlier advertised for three posts of members-- life, non-life and finance -- in the IRDAI.
"The government has already concluded the interviews for the post of two members- life and finance- in New Delhi on March 18, which are currently lying vacant and interview for the member non-life is yet to be completed," sources familiar with the development told PTI.
While chairperson and managing director of Bank of India, V R Iyyer, Exim Bank Executive Director and former chairman and managing director of ECGC N Shankar and RBI's Executive Director K K Vohra appeared for the interview for the post of member (finance), the source added.

Among those, who appeared for the interview for life member are Hemant Bhargava (Zonal Manager, Life Insurance Corporation), Nilesh Sathe (Chief Executive, LIC Nomura Mutual Fund), Vipin Anand (Executive Director, Direct Marketing, LIC) and Malay Ghosh, a senior private sector life insurance professional, who has worked in LIC and Reliance Life in past.
Interestingly, chief investment officer of Star Union Dai-Ichi Life Insurance, Y V Rao appeared for the interview of both the posts of member, life and member, finance, the source said.

Sources said that at least 24 general managers and a couple of serving CMDs of public sector general insurance companies have applied for the post of member, non-life.

Analysts said with an attractive annual pay package of Rs 42 lakhs, along with financial benefits and retirement age of 62 for a member, IRDAI has now created demands for these posts among senior officials of the banking and insurance industry.
"Servicing CMDs can also apply following the Srikrishna Committee report on emoluments of regulators, which made the pay structure of quite attractive since 2008," former IRDA member K K Srinivasan said.
"In fact, world over regulators are paid more than comparable positions in regulated entity," he added.