Nine Officials In The Fray To Head India’s Insurance Regulator

Nine candidates are in the fray to be the next chairman of India’s insurance regulator.

Besides six Life Insurance Corporation officials, the list also contains names of senior management at the Insurance Regulatory and Development Authority of India and two public insurers, two people with knowledge of the matter told BloombergQuint.

The final selection will be made by a special cabinet committee known as the Financial Sector Regulatory Appointments Search Committee (FSRASC), based on their interaction with the candidates that will begin from the third week of January, the people said.

The chairman will be declared on or before Feb. 20. The position of IRDAI chairman, currently held by TS Vijayan, will fall vacant on Feb. 21.

Here are the nine likely candidates:

Nilesh Sathe

• Currently Sathe is member (life) at IRDAI
• Age: 60 years
• Over 30 years of experience in the insurance and mutual fund industry.
• Previous stints: CEO at LIC Nomura MF AMC, senior posts at LIC

Vijay Kumar Sharma

• Currently the chairman of LIC.
• Age: 59 years
• With LIC for 36 years.
• Previously worked as executive director of pension and group schemes, zonal manager in-charge of southern zone

Usha Sangwan

• Currently managing director at LIC.
• Age: 58 years
• With LIC for 36 years.
• First woman to become managing director at the state-owned insurer.

Hemant Bhargava

• Currently managing director at LIC.
• Age: 58 years
• With LIC for 36 years.
• Founded LIC Cards Services Ltd. which launched “LIC Card” in 2009.

Sunita Sharma

• Currently managing director at LIC.
• Age: 58 years
• With LIC for 36 years.
• First woman to work as MD and CEO of LIC Housing Finance.

B Venugopal

• Currently managing director at LIC.
• Age: 58 years
• With LIC for 34 years.
• Took over as MD in April with Sharma.
• Held master-in-charge position for the western zone previously.

Rajesh Kandwal

• Currently the chief executive officer and managing director at LIC (International).
• Age: 58 years
• In charge of LIC's operations in Bahrain.
• Previously, headed corporate communication/international operations, bancassurance, and estate at the corporate level.

G Srinivasan

• Currently the chief executive officer and managing director at New India Assurance Company.
• Age: 59 years
• Around 34 years of experience in the general insurance industry.
• Worked as CMD of United India Insurance Co. Ltd during 2007-2012.

K Sanath Kumar

• Currently chairman and managing director at National Insurance Company Ltd.
• Age: 59 years
• Previously worked as MD at GIC Re and as whole-time director at New India Assurance Co.

In an emailed response to BloombergQuint, Sathe confirmed having applied for the post. Emails sent to the other eight candidates remained unanswered.

According to a notification from the Department of Financial Services on the IRDAI website, the chairperson cannot hold office beyond 65 years of age and will have a maximum term of five years. Any candidate looking to fill the post should have a minimum two years of residual service left, which means that they should not be more than 63 years of age as on the date of vacancy. The chairperson will be eligible for re-appointment, given they meet the specified age criteria.

The candidate should have a minimum experience of 30 years and/or should have worked as Secretary to Government of India or its equivalent level in state governments or in the private sector (as CEO or equivalent), the notification stated.