J HARINARAYAN IS NEW IRDA CHIEF
Jandhyala
Harinarayan will take over as the next IRDA chairman. Mr Harinarayan, who was
the former chief secretary of Andhra Pradesh, was chosen by the government for
the top job in IRDA, based on recommendations of a search committee headed by
finance secretary D Subba Rao. The
recommendation has been ratified by the Appointments Committee of Cabinet
chaired by the Prime Minister. The incumbent chairman CS Rao’s five-year term
ends on Wednesday. The final order is expected soon. ET had on May 7
reported that Mr Harinarayan was the front runner to the post. The other
contender for the top slot at IRDA was CR Muralidharan, member finance and
investment, IRDA. He was also in the final short list. Others in the
fray were Gayatri Ramachandran, a 1972 batch Andhra Pradesh-cadre IAS officer
and G Prabhakaran, member (life), IRDA. But both did not make it to the final
short-list. The appointment of Mr Harinarayan does not come as a surprise,
given that he has rich administrative experience as a bureaucrat. The
government reckons that the insurance industry is in a crucial phase and hence
needs a regulator with a broader vision to carry forward more reforms. The
life insurance industry scaled new heights during Mr Rao’s tenure, aided by the
scorching growth in Unit-Linked Insurance Plans. The decks have also been
cleared for take-off of the non-life industry, with Irda ushering in a
free-pricing regime since January this year. Mr Rao took over
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