Regulatory policy

Not qualified for the job? Promote higher: IRDAI policy

By Venkatachari Jagannathan

Chennai, May 16 (SocialNews.XYZ) Not qualified for the position of Managing Director of Insurance Regulatory and Development Authority of India (IRDAI)? Then, promoting the official as executive director, the next senior executive appears to be IRDAI policy, officials said.

Speaking on condition of anonymity, IRDAI officials told IANS: “Recently, Chief Managing Director Mamta Suri was promoted to Executive Director. The Telangana High Court recently ruled that she is not did not have the qualifications required to be promoted to this position.”

Last year, the court ruled that the then IRDAI president did not have the power to relax the conditions for selecting someone for the post of CGM.

In accordance with IRDAI standards, only a Fellow Chartered Accountant (FCA) can be considered for the post of CGM while the action of the Chairman to relax FCA to CFA/ICWAI (Chartered Financial Analyst/Institute of Cost and Works Accountants of India) and the appointment of another is incompetent and arbitrary.

The high court has ordered SN Jayasimhan, FCA to be the only qualified person and IRDAI will consider his case for the position of CGM immediately with full benefits.

He also overturned Suri’s promotion orders, finding that she lacked FCA qualification and that her promotion was illegal.

The court also ruled that the power to relax the qualification is not vested in the President of IRDAI since no resolution to that effect has been passed.

Therefore, the President’s action of easing FCA to CFA/ICWAI and promoting Suri is against the law, arbitrary and without jurisdiction.

For her part, Suri preferred to appeal against the single judge’s order.

The bench ordered an interim stay of the single judge’s order, but added that his order did not prevent IRDAI from promoting Jayasimhan in existing vacancies.

We learn that the case is to be heard on June 10, where his promotion to the post of executive director will also be discussed.

IRDAI had launched a call for applications from its managing directors for promotion to the position of managing director in April 2022.

The IRDAI official also raised the issue of Suri’s legal qualification.

On August 16, 2017, the Board of Insolvency and Bankruptcy of India (IBBI) issued a statement on Suri’s assumption as Executive Director in which it was mentioned that she had obtained her law degree.

“Whether she had obtained her law degree before joining IRDAI in early 2000 or after that. It is also unclear whether the necessary clearance was withdrawn from IRDAI,” the source said.

Either way, is IRDAI becoming a juggernaut is the question being raised by industry officials.

Besides Suri, IRDAI had promoted Randip Singh Jagpal to the post of Executive Director in May 2022.

Already, insurance regulation had Suresh Mathur as its executive director.

He was delegated to the Institute of Insurance and Risk Management (IIRM) as Managing Director.

It was reported that the former Director General of the Institute of Insurance and Risk Management (IIRM) wrote to IRDAI that the institute cannot be a parking lot for some routine transfers to the ‘IRDAI to favor some and punish some.

IIRM is promoted by IRDAI and the Telangana government.

Absence of proper promotion and transfer policies leading to arbitrariness in decisions, modification of eligibility conditions and qualifications after the start of the recruitment process, abandonment of the recruitment process halfway through are some of the human resource issues plaguing IRDAI, sources had told IANS earlier.

(Venkatachari Jagannathan can be contacted at [email protected])

Source: IANS

Not qualified for the job?  Promote higher: IRDAI policy

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