Pournima Gupte is likely to take charge as Member-Actuary at the Insurance Regulatory and Development Authority (IRDA), the insurance industry regulator. The Finance Ministry had recommended her for the position after an interview held in Delhi in June, sources told Business Line .
Shyama Prasad Chakraborty, Deputy Director, and J. Meenakumari , Joint Director, both in the actuarial department of the insurance regulator, were also interviewed for the post.
Gupte’s appointment is likely to be formally announced shortly, said a senior finance ministry official.
The position, which is comparable to the rank of Additional Secretary , has been vacant since May 2011 when the former Member-Actuary , R. Kannan, retired. Though the IRDA had advertised for a replacement on two occasions earlier, it was unable to finalise on a candidate.
Product approvals
The position assumes significance since life insurers are currently in the process of re-filing all their existing products for fresh approval. The IRDA guidelines for traditional and unit-linked life insurance products entail changes in the structure of these products, including higher insurance cover and other benefits such as a higher minimum surrender value and death benefit.
The products were to be withdrawn by September-end , but, following representations by the industry, the regulator extended the deadline by 3 months to January .
Industry veteran
A fellow of the Institute of Actuaries of India, Pournima Gupte is currently the Appointed Actuary at Reliance Life. She has 20 years’ experience at Life Insurance Corporation of India, and has worked in various departments including actuarial, investment, finance, accounts, policy servicing, claims and HR, the state-run life insurance giant.
deepa.nair@thehindu.co.in