The Hindu Business Line : C.S. Rao demits office as IRDA Chairman

Hyderabad, May 14 Mr C.S. Rao, Chairman, Insurance Regulatory and Development Authority (IRDA), completed his tenure as the regulator on Wednesday. In his near 5-year full term, Mr Rao, a career-bureaucrat, brought in efficiency and rule book functioning to the IRDA, as it guided the growth of the insurance industry in the country. He took over from Mr N. Rangachary on June 10, 2003.

Three major developments dominated his tenure — the de-tariffing regime in non-life insurance, the liberalised norms for the Unit Linked Insurance Policy Schemes (ULIPS), and introduction of micro-insurance products.

Growth push

These industry and consumer-friendly changes put the insurance industry on a major growth path, especially with the private insurance companies showing good gains, both in penetration and business. Also, insurance products started going closer to the common people through the micro-insurance route.

Mr Rao, an Andhra-cadre IAS officer who retired as Union Revenue Secretary, prior to the stint at IRDA, is set to be succeeded by another bureaucrat from the same State — Mr Jandhyala Harinarayana. An official announcement to the effect is expected.

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