Govt struggles to find an Insurance regulator

FINDING A REPLACEMENT: On May 15 this year, CS Rao retired as chairman of IRDA.

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Mumbai: Insurance Regulatory and Development Authority (IRDA) chairman CS Rao retired a month ago and his replacement is yet to be found.

The government seems to be struggling to find an Insurance Regulator.

On May 15 this year, CS Rao retired as chairman of insurance regulatory and development authority or IRDA. Since then J Harinarayan, the former chief secretary of Andhra Pradesh had been tipped to step into Rao's shoes.

However, till date, the Finance ministry has put out no official notice. IRDA is thus left without a boss and this has caused a great deal of concern in the industry.

Industry sources say that this is not impacting the day-to-day operations of companies. But with insurance companies rapidly entering the market there are bound to be some repercussions.

Aegon Religare is one of the companies, which was all set to launch this month. But its plans have been stalled since its license needs to be signed by the chairman. And without a license, it cannot start training its agents, let alone begin operations.