Irda shortlists two for key post

Two actuaries, A Apparao and Hemamalini Radhakrishnan, have been short-listed by the search committee appointed by the Insurance Regulatory and Development Authority (Irda), to fill its vacancy of a member (actuary).

Faced with a shortage of experienced actuaries, Irda might also scrap the position of executive director, actuary. This position has been vacant after K Subrahmanyam retired in June and Irda is yet to advertise for the position. The position of member (actuary) has been vacant since S Kannan retired in May. Irda had to advertise for the position twice, after the first advertisement failed to attract applications, due to stringent qualification norms. In the second advertisement, the regulator relaxed the qualifications and age limits for applying.

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“We received seven applications and after going through it, we have shortlisted two -- A Apparao and Hemamalini Radhakrishnan. The final decision will be taken by a panel comprising the finance secretary and Irda chairman,” said a member of the search committee, who did not wised to be named.’

Apparao had worked with Life Insurance Corporation of India (LIC) and his earlier assignment was as company actuary at Madison Life Insurance Company in Zambia. Radhakrishnan had a stint with LIC and worked at ING Vysya Life Insurance Company as actuary.

Member (actuary), equivalent to an additional secretary’s rank, is a key position in Irda. “Under the earlier norms, only actuaries with a fellowship could apply. In the second advertisement, actuaries who qualified as associates were also made eligible,” said an actuary in a private life insurance company.

Actuaries are primarily entrusted with the pricing of products, assumptions on future profits and valuation of businesses. Key positions in Irda, considering the main responsibility is understanding and approval of products. Insurers have been complaining about the delays in product approval over the past four months, since the positions became vacant. “It’s been more than four months since we have filed three new products. We are yet to get any approvals,” said a senior official at a private life insurance company, who did not wished to be named.