The Centre is likely to appoint the new insurance regulator by next month with LIC Chairman VK Sharma and New India Assurance head G Srinivasan seen as the top contenders.

Life Insurance Corporation (LIC) chief Sharma is considered a good fit for the post, given his vast experience in managing the country’s largest insurance company.

However, another source said that there is a thinking that the new Chairman of the Insurance Regulatory and Development Authority of India (IRDAI) should not be from a life insurance firm but have a non-life or general insurance background.

“It is in this context that Srinivasan is considered as the top contender,” said the source.

Another person familiar with the development said the Financial Sector Regulatory Appointment Search Committee has shortlisted a “couple of names”, and made its recommendations to the Appointments Committee of Cabinet (ACC) and the final decision now rests with it.

“The Prime Minister-led ACC will make the appointment by May,” added the source. Security and vigilance clearance of the shortlisted candidates will also be completed.

While the Finance Ministry had advertised the vacancy in November last year, the FSRASC, which is in charge of appointing financial regulators, conducted interviews in March this year. It is understood to have shortlisted eight candidates, including Sharma, Srinivasan, Subhash Chandra Kuntia, Chief Secretary of Karnataka; Nilesh Sathe, IRDAI member (Life); K Sanath Kumar, Chairman and MD National Insurance Company; and BS Bhandari, whole-time director of Pension Fund Regulatory and Development Authority.

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