The race for the insurance regulators post has
begun. With Insurance Regulatory and Development Authority
(IRDA) chairman N Rangacharys term coming to an
end in June 2003, insurance industry officials and bureaucrats
have started scouting for an apt person to fill the slot.
say United India Insurance Company CMD V Jagannathan,
who is also the chairman of General Insurers (Public)
Sector Association (GIPSA is an association of all the
four government-owned general insurers), and former New
India Assurance CMD and GIPSA chief K N Bhandari are eyeing
retirement Bhandari offers insurance consultancy services
to a couple of Delhi-based corporate groups and also teaches
law at the National Law University, Jodhpur, Rajasthan.
In the private
sector it is just AMP Sanmar Life Assurance CEO S V Mony
who has the experience for the regulators job. But
for Mony, the former General Insurance Corporation (GIC)
chairman, age is the limiting factor. Otherwise most of
the top executives of private insurers (life, non-life)
are freshers for the insurance industry and are slowly
getting set into the grove.
It wont be
a surprise if the savvy Jagannathan gets the regulators
job. He became the CMD of United India bypassing another
general manager who was senior to him.
In respect of the
bureaucrats, expenditure secretary C S Raos name
is being bandied about. In addition, around 43 IAS officers
are likely to retire this year and many of them will also
be angling for the insurance regulators post.
the insurance industry is quite tricky and very technical,
which even an industry insider would find difficult to
master fast. If there are competent officials in
IRDA then it is immaterial whether the regulator is an
insurance professional or not, say an industry source.