Page 24 - Life Insurance Today April 2018

which requires submission of declaration from licensed Mr. Banarji started his career in the Insurance Industry in
surveyors and loss assessors who intends to join a 1982 as a Direct Recruit Officer (Generalist) in The New
corporate surveyor as directors or partners that they will India Assurance Company Limited. His initial posting was
not take up individual survey work in individual capacity in Chandigarh where he served for nine years and was also
upon grant of corporate surveyor license. the Branch Head of Mohali and Chandigarh Branches. In
1992 he was posted to Chairman’s Office in Mumbai.
Authority hereby advises all corporate surveyors to strictly
comply with the above regulatory stipulations in letter and Whilst in Mumbai, Mr. Banarji headed a Division and in
spirit. Further, in respect of closure/dissolution of corporate 2001 he was made Head of the Reinsurance Department
entity, it is mandatory to surrender original license issued (Underwriting), when soon thereafter 9/11 events took
along with following: place in the USA.
1. Application for surrender of corporate surveyor license Mr. Banarji also served in New India’s overseas Office in
duly signed by all directors/partners. Sydney, Australia. He was responsible for writing
2. Affidavit stating that no survey work is pending with reinsurance business in Australia, New Zealand and South
the company/firm and that pending jobs shall be Pacific Island nations. On his elevation as General Manager
returned to the insurer or insured before applying for in August 2010, he moved to GIC Re. In GIC Re he was
surrender of corporate license. responsible for both Inward Business (Property,
Miscellaneous Classes, Marine, Aviation, etc.) and
3. Original corporate surveyor license issued by the
Authority Protection.
4. Certified copy of closure/dissolution of corporate In May 2013 Mr. Banarji joined Oriental Insurance Company
surveyor Limited and in 2014 he was appointed as a Director of the
Company. During his service in Oriental, he held various
5. Copies of Form-12 of corporate surveyors and
portfolios from Reinsurance, Health, Marine, Aviation and
respective directors/partners.
Miscellaneous Classes of Business and also for a brief
6. Copy of licenses of directors/partner period HR and Administration.

Licensed surveyors who are directors and partners in He enjoys watching sports, light reading and keeping
corporate entities are hereby cautioned not to take up abreast of current affairs.
individual work without modifying /surrendering the
corporate surveyor license as prescribed above and that Mr. Pravin Kutumbe, Member (Finance
such act shall be deemed as violation of code of conduct & Investment)
prescribed by the Authority invoking regulatory action
under Regulation 23 and 24 of IRDAI Surveyors Regulations. Ref. No: Member (Finance & Investment)
Date:12-03-2018
P.J.Joseph
Member Mr. Pravin Kutumbe assumed charge as Member (Finance
& Investment) in Insurance Regulatory and Development
MR. SUJAY BANARJI, MEMBER Authority of India (IRDAI) on 12th March 2018. Prior to
joining IRDAI, he was Executive Director (Finance &
(DISTRIBUTION) Accounts) in LIC of India.

Ref. No:MEMBER (DISTRIBUTION) Mr. Pravin Kutumbe, a Chartered Accountant, has more
Date:08-03-2018 than 33 years of experience in Life Insurance Industry. He
joined LIC of India as a Direct Recruit Officer in the cadre
Mr. Sujay Banarji assumed charge as Member (Distribution) of Assistant Administrative Officer in January 1985. He has
in Insurance Regulatory and Development Authority of worked as Chief Investment Officer and Chief Financial
India on 1st March 2018. Officer of LIC of India. Also, worked as CEO of LIC’s Overseas
Operations in Fiji. He was a visiting faculty in Management
Mr. Sujay Banarji superannuated as General Manager and Institutions.
Director of the Oriental Insurance Company Limited in
January 2018. He was for a time officiating CMD of Oriental His hobbies include reading books and listening to classical
Insurance Company Limited from July 2016 to May 2017. music, etc.
24 April 2018 Life Insurance Today