Govt tightens norms on IRDAI, public insurer top brass’ post-retirement jobs

The Union government has asked top brass of IRDAI and public sector insurers to make a declaration that their post-retirement assignments do not involve conflict of interest and their employer is not involved in intelligence gathering.

The Department of Financial Services (DFS) has mandated the chairman and members of IRDAI, chairman and managing directors of LIC, and other public sector insurance companies to seek the Centre’s prior permission before taking up any post-retirement jobs, and share their professional/personal and the future employer’s details. The comes after Centre had reportedly received complaints against two past IRDAI chairpersons, Subhash Chandra Khuntia and T S Vijayan, for accepting post-retirement positions that were related to the insurance sector.

The IRDAI Act requires that chairman and members of the insurance regulator do not accept any central or state government position and appointment in an insurance company without prior approval from the Centre.