R Kannan, a former IRDA member found guilty of forgery
A disciplinary panel of self-regulatory insurance body has found one of its high-profile members guilty of forgery.Â
R Kannan, a former member of the Insurance Regulatory Development Authority (IRDA) was found guilty of forging bills by a disciplinary committee of the Actuarial Institute of India, the institute’s President Liyaquat Khan told ET.
Kannan, who was the IRDA’s member-actuary for five years until May last year, could be slapped with a fine of 5 lakh or stripped of his membership depending on what the institute’s council decides, Khan said. He added that any further action could only be taken by the government since Kannan was an government employee.
Kannan declined to comment when ET asked for his response. A senior government official said that any decision on disciplinary action against Kannan will be taken in consultation with Insurance Regulatory Development Authority.
The government nominee on the disciplinary committee, Uttam Prakash Aggarwal told ET that the panel had charged Kannan with misconduct under Section 31 of the Actuary Act and said the former IRDA member had agreed to some of the charges.
“During his tenure (at IRDA) he used to attend meetings of the Actuarial Institute of India and for that he has claimed refund of travel bills from both the institute and regulator,” said one member.
A second member said that there are other allegations, such as Kannan had rented out one of his apartments to a state-owned life insurance firm, which was a conflict of interest since he was an IRDA member.
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