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The interviews are scheduled to take place in the third week of December and will be conducted by a panel that includes notable figures such as Vivek Joshi and Debashish Panda. This panel is responsible for evaluating the potential candidates who will play a vital role in overseeing the financial aspects of the insurance sector in India.
The IRDAI, which operates with ten members including both full-time and part-time roles, has a maximum age limit of 62 years for whole-time members. The regulatory body has been monitoring an industry where private insurers currently hold a market share of 53.58% as of September 2023. Within this sector, health insurance emerges as the most significant non-life segment, followed closely by motor and crop insurance.
Despite the robust market share held by private insurers, there has been a slight decline in the year-to-date growth rate compared to the previous year. The new member finance will be stepping into a dynamic environment with a clear mandate to address these challenges and steer the sector toward sustained growth.
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