Harinarayan may succeed C S Rao at Irda

Former Andhra Pradesh chief secretary J Harinarayan has emerged as the frontrunner to succeed C S Rao as chairman of the Insurance Regulatory and Development Authority. Rao's term is due to end on May 14.

Harinarayan's name is under consideration, sources familiar with the development said. Going by the timing of recent appointment orders of the government, it is likely that it will announce his appointment late on Tuesday and keep everyone guessing.

If appointed, Harinarayan will be the third chief of Irda after its inception in 1999. Like Rao, Harinarayan is an Andhra cadre IAS officer.

Before Rao, former revenue service officer N Rangachary was the interim regulator of Irda and was then appointed the first chairman of the regulatory body after the law governing the regulatory agency was put in place.

The new investment guidelines for insurance companies are expected on May 13. With Rao retiring a day later, it remains to be seen whether Irda will go ahead and announce the new norms or not.

The new Irda chief is coming at a time when a number of new global general insurers have lined up to enter the Indian market in joint ventures with domestic companies.