IRDA BRINGS IN NEW JOB SECURITY FOR CHIEF EXECS, DIRECTORS

India’s Insurance Regulatory & Development Authority (IRDA) has ruled that insurers can neither sack nor appoint chief executives or directors without the authority’s prior approval. It stated that “no appointment, re-appointment or termination of CEO, whole-time director or managing director of an insurance company is valid without the previous approval of the Authority”. IRDA further stated that references seeking prior approval should reach IRDA at least 30 says before the commencement of the appointment, so that the regulator has sufficient time to examine the proposals. IRDA said that in the past, approvals had been short with very short notice, while in other cases appointments had been made without seeking any approval.