A tightrope walk begins for Dr Kannan, member (Actuarial) IRDA
08 February 2007
Dr R Kanan, the incoming president of the Actuarial Society of India and member of the Insurance Regulatory and Development Authority faces challenging times ahead, as he sets out to address issues facing actuaries. By V Jagannathan.
The recently appointed member (Actuarial) of the Insurance Regulatory and Development Authority (IRDA), R Kannan (55), faces challenging times ahead as he embarks on his five-year term with the insurance regulator.
For a start, the non-life sector has just been granted the freedom to price its products even as there are rumblings in the market place.
Similarly, the issue of solvency margin calculations for the life and non-life insurers is assuming greater importance as private and government owned life and non-life insurers are not able to meet these norms.
With the entry in to insurance of more battle-scarred telecom service providers who have sufficient experience in filing cases against the telecom regulator whenever its decisions were unfavourable to the industry, the same scenario could unfold in insurance.