In a bid to streamline its supervision, the insurance regulator, IRDAI has decided to set up its second regional offices in commercial capital of the country Mumbai that has the headquarters of most of financial sector regulators like Reserve Bank of India and SEBI.
IRDAI chairman TS Vijayan will inaugurate the regional office in the city on Oct 1.
After New Delhi, Mumbai will have the second regional office of the IRDAI which is headquartered in Hyderabad. The office will serve the purpose of inspecting the offices of Mumbai-based insurance companies, insurance brokers and will be headed by a joint director of IRDAI, a top Irda executive said.
“Initially, the Mumbai office of IRDAI will have staff of seven including a joint director rank official who will be heading the office. It will also comprise one inspection team of four staff and an official – in charge of consumer affairs department (CAD)- to receive complaints or grievances against insurers,” said Nilesh Sathe , member, Irda .
“The job of the inspection team, which will be deputed from the Hyderabad office will be to inspect the offices of insurance companies and insurance brokers’ which are based out of Mumbai. It was getting difficult for us to send the inspection teams from Hyderabad on a frequent basis and hence the decision to set up full fledged regional office ,” he added.
Spread across 5,000 sq ft area, the regional office will operate from the Royal Insurance building near Churchgate which will be rented it out to Irda by Kolkata-based National Insurance Company which owns the building.
The New Delhi office, spread across 2000 sq ft area is quite small and it has got a survey and liaisoning team operating from there, which is headed by Mukesh Sharma, joint director, IRDAI. .
It must be recollected Maharashtra along with other states were in a race to host the IRDA headquarter in 2000. The then chief minister of Maharashtra, Vilasrao Desmukh had even offered land free of cost in the push Band Kurla Complex (BKC) to locate IRDA’s head office but Chandra Babu Naidu, -the present chief minister Telengana- who was the chief minister of undivided Andhra Pradesh had managed to pip others in getting IRDA’s head office in Hyderabad.
Source: AIP News Bureau