© Reuters.
NEW DELHI – The Insurance Regulatory and Development Authority of India (IRDAI) is gearing up to interview candidates for the crucial role of member finance, a position that became available following the end of Rakesh Joshi’s term earlier in November. Among the top contenders for this significant appointment are PC Kandpal from State Bank of India (SBI) and Rajay Kumar Sinha from SBI Capital Markets Limited (SBICAPS).
The interviews are scheduled to take place in the third week of December and will be conducted by a panel that includes notable figures such as Vivek Joshi and Debashish Panda. This panel is responsible for evaluating the potential candidates who will play a vital role in overseeing the financial aspects of the insurance sector in India.
The IRDAI, which operates with ten members including both full-time and part-time roles, has a maximum age limit of 62 years for whole-time members. The regulatory body has been monitoring an industry where private insurers currently hold a market share of 53.58% as of September 2023. Within this sector, health insurance emerges as the most significant non-life segment, followed closely by motor and crop insurance.
Despite the robust market share held by private insurers, there has been a slight decline in the year-to-date growth rate compared to the previous year. The new member finance will be stepping into a dynamic environment with a clear mandate to address these challenges and steer the sector toward sustained growth.
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