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Old 05-21-2011, 05:17 PM
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Default IRDA having trouble filling a slot....

http://timesofindia.indiatimes.com/b...ow/8475239.cms

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MUMBAI: A shortfall of experienced actuaries has come to haunt the Insurance Regulatory and Development Authority once again. With no applicants for the member actuary position, which falls vacant this month when incumbent S Kannan retires, the industry fears that several regulatory functions may come to a standstill.

The IRDA had advertised seeking applicants for the position of the member actuary some weeks ago. However, industry sources say that there has not been a single response to the position which is of the rank of additional secretary and is considered the second-most powerful position in the office of the authority. The regulator has now constituted a search committee headed by the president of the Actuarial Institute of India, Liyaquat Khan, to identify a suitable candidate.
....
There are several reasons for the failure of IRDA to draw a response. Firstly, any qualified actuary can earn in the private sector several times more than what the regulator is willing to pay. Secondly, the IRDA has fixed stringent criteria on residual service which renders the handful of interested actuaries ineligible because they do not have the requisite three years left.

Most importantly, there are only a handful of senior actuaries within the retirement age. According to the website of the Actuarial Society of India, there are 170 individuals who are qualified with a fellowship. Of these, 61 are over the age of 60.

Now there is a suggestion that the IRDA should allow actuaries to work with the regulator under a sabbatical programme. This will require an amendment to present guidelines which bars government appointees from holding private office for two years after retirement. Secondly, there is also a suggestion that actuaries who have obtained a qualification from institutes outside India should also be considered.
That residual service requirement -- does it mean what I think what I think it means? That you're supposed to work for IRDA for only 3 years, and that you're supposed to be 3 years from retirement?

That's a crazy way to pick regulators.

India doesn't have a huge pool to pick from to begin with. They shouldn't be coming up with these bizarre restrictions on top of that.
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Old 05-23-2011, 01:56 PM
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I think it means you need to be 57 years or less at the time of appointment so that you can serve IRDA for at least 3 years....
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Old 05-24-2011, 12:49 AM
actuary_aspire actuary_aspire is offline
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Bizarre restriction indeed.
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Old 05-24-2011, 01:35 AM
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I'd need a golden parachute if you're going to restrict me from working in the private sector for 2 years.
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Old 05-29-2011, 11:24 PM
ishamael ishamael is offline
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Not meaning to put a racial slant on things, but my personal experience of working with Indians, regardless of nationality, is that they like to make things extraordinarily complicated.
They don't like simple solutions, even if they work.
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Old 07-07-2011, 01:16 PM
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Originally Posted by ishamael View Post
Not meaning to put a racial slant on things, but my personal experience of working with Indians, regardless of nationality, is that they like to make things extraordinarily complicated.
They don't like simple solutions, even if they work.
The "Not" doesn't belong there
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Old 01-10-2012, 10:16 AM
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Another update on this

http://economictimes.indiatimes.com/...w/11418233.cms

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MUMBAI: The insurance regulator's ninemonth-long search for a director-actuary has been futile and may remain elusive, as its salary offer of almost a tenth of what private actuaries are paid deters talent from taking the job.

Insurance regulator Irda for the second time in less than a year has called for applicants to fill up the post lying vacant since May 2011, after retirement of R Kannan. But industry experts said response could be as poor this time as in the past, as expectations and offers don't match.

Experts said Irda needs to raise the salary offer to attract candidates who earn hand over fist at private insurers, which don't mind paying high salaries foreseeing prospects of huge growth. The regulator offers about Rs30 lakh annual package for the post of directoractuary compared with about Rs3 crore paid by private insurers.

"Actuaries would not like to join the regulator at a lower package. Irda is like a semi-government organisation and there is little room available for the chairman to do anything," said Ashwin Parekh, national leader and partner, E &Y.

The industry has been complaining that the delay in actuary appointment has been impeding product approvals. "There is also no sense of direction on whatever is happening in international market like solvency II, economic capital and emerging area of risk management," an actuary said.

The regulator is also facing the problem of finding suitably qualified actuaries for the top actuary post, said some experts. However, Liyaquat Khan, president, Institute of Actuaries of India, said, "There is no dearth of actuaries in India now".

According to the Institute of Actuaries of India, there are 250 fully qualified actuaries with fellowship. The regulator relaxed the required qualifications for the post after its first vacancy advertisement failed to get any response.

Some experts said salary is not the only reason why Irda is finding it tough to attract suitable talent for the position. "Working in insurance company is a different experience. Also, most actuaries want to work from Mumbai," said Sanjiv Pujari, appointed actuary at SBI Life.

"Despite low package, candidates apply for the post. Two candidates Hema Malini and Appa Rao were fulfilling all criteria. Although Hema Malini is 2-3 years younger than the minimum age requirement of 40 years, but she qualified for the post," said GN Agarwal, chief actuary, Future Generali Life Insurance.

The other option that Irda has is to hire someone from LIC. Currently, Meenakumari J, joint director actuary, is looking after the functions of the post of director. The post of ED-actuary is also vacant after retirement of KSubrahmanyam.

Irda had formed a search panel to hire actuary, though final call will be taken by a panel comprising finance secretary and Irda chairman. The regulator is likely to advertise again for the post in May 2012.
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