After a long wait, IRDAI gets a ‘permanent address’

The insurance regulator is all set for a new beginning as it enters 2018, with a permanent address.

After a long wait, the office of the Insurance Regulatory and Development Authority of India (IRDAI) on Tuesday relocated to its own premises in the posh financial district near Gachibowli here.

Since its formation in 2000, IRDAI was functioning from a modest two-floor leased office at Basheer Bagh, in the heart of the city.

Right from the days when J Hari Narayan was IRDAI Chairman, there had been several attempts to move to an ‘own’ building, but they were not successful.

On behalf of the regulator, the Andhra Pradesh Industrial and Infrastructure Corporation had awarded the ₹58 crore contract to a Mumbai-based firm but the construction could not be completed beyond the basement even after three years. The reason is not known.

IRDAI then cancelled the contract and the administrative process took a long time time to get the project and remaining funds back on track. The construction work started about two years ago and now the office is finally ready.

For many visitors from the insurance industry, this could be a welcome change. “The previous office was very unorganised. CEOs had to wait in a small sit-out near the Chairman’s office which had just two sofa sets,” remarked a top executive of a Mumbai-based insurer.

“Physical infrastructure is fine. But we also need to have some better front-office management. The contact number given on website is rarely answered and we get curt replies from the staff. We hope all this will change for the better in the new office,” hoped an official of SBI Life Insurance.