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`IRDA will be a lean body'

Our Bureau

NEW DELHI, Feb. 25

THE Special Secretary, Insurance, Mr. B.K. Chaturvedi, has said that the Insurance Regulatory and Development Authority (IRDA) will be a lean and thin organisation having only six members including the Chairman. Considerable work relating to monitoring, assessment of the risk profile of players, etc, will be referred to the actuaries.

While giving the valedictory address at the Global Conference of Actuaries, organised jointly by FICCI and the Actuarial Society of India (ASI) here on Friday, Mr. Chaturvedi explained that the delay in notifying the setting up of the authority is due to administrative reasons. The authority cannot function in a vacuum. There are many decisions that have to be taken before the authority comes into being. These administrative processes, he said, would be completed by the first week of March and by the mi ddle of March, it will be notified along with the provisions.

Speaking to the press on the sidelines of the meeting, Mr. Chaturvedi said that while notifying the setting up of the authority, it is not necessary to have the full forum of six members. The authority may have three to four members including the Chairma n at the time of notification.

He said the Draft Bill of the Actuaries will be introduced in Parliament in six months' to one year's time from now, possibly after the Budget session or next to that.