Ministry still searching for suitable candidate for IRDAI chairman’s post

At a time when the government has firmed up plans to launch a mega health insurance scheme, the top post of insurance regulator being vacant is quite surprising. Though many candidates have been shortlisted, the Financial Sector Regulatory Appointments Search Committee (FSRASC), headed by Cabinet Secretary P K Sinha, is yet to finalise the incumbent for the new post. Keeping the top post vacant in organisation has negative effect on the developmental programmes and policy decisions. The head of a regulatory body, whether it is the RBI or Sebi, is appointed ahead of the end of the tenure of the incumbent. Ajay Tyagi was named Sebi chairman two weeks before U K Sinha completed his term as chairman in February 2017. Raghuram Rajan was brought in as an officer on special duty at the RBI three weeks before the retirement of his predecessor D Subbarao.