Agri-insurer top exec is a member of IRDAI
Mumbai: T L
Alamelu, chairman, Agriculture Insurance
Company (AIC), has been appointed as whole-time member of
insurance regulator IRDAI, in-charge of non-life insurance by the
Appointments Committee of the Cabinet.
The appointment, which was notified on March 10, is for a period of three years. First woman to head AIC, Alamelu will be third whole-time woman member of IRDAI.
In 2015, Vijayalakshmi R Iyer was appointed as member in charge of finance and investments, while Pournima Gupte was appointed as member (actuary). While has Iyer completed her term, Gupte continues to hold office in IRDAI.
Alamelu started her career as a direct recruit officer in New India Assurance and rose to the position of director and general manager. In 2017 she was appointed as chairman of the AIC. The non-life member in the IRDAI is an important position given the developments around health, motor and crop insurance requiring regulatory intervention. The appointment comes days before the IRDAI is expected to review the rates of motor third-party insurance for 2019-20.
The non-life member will have to oversee a number of social initiatives of the government, including the part of Ayushman Bharat that is backed by insurance.