Page 9 - Insurance Times October 2023

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Finance Ministry seeks The last date for submitting applica- IRDAI plans women-led
tions is October 30, 2023.
IRDAI member applica-
distribution force for ru-
tions IRDAI sets up committee ral
The finance ministry has invited appli- on cyber security
cations for the post of Whole Time To boost insurance coverage in the
Member (Distribution) at insurance IRDAI has set up an inter-disciplinary rural areas, the IRDAI is working on
regulator IRDAI. The applicant should standing committee on cyber security. a women-led localized distribution
preferably have at least 25 years of ex- The committee is expected to regularly force called Bima Vahak.
perience in the relevant area with a review the threats inherent in the The aim is to engage women in
minimum of three years experience at existing or emerging technologies and raising awareness about the impor-
a senior level, the Department of Finan- suggest appropriate changes to the tance of insurance, and educating
cial Services said in an advertisement. IRDAI Information and Cyber Security
Framework to further strengthen the the rural population about a range
The applicant should not be below the of products tailored to their require-
rank of a Chief General Manager of the insurance industry's cybersecurity ments.
Reserve Bank of India or equivalent that posture and resilience.
place in other financial institutions or This decision was taken pursuant to the The final guidelines for this initiative
regulatory bodies, it said. release of the IRDAI Information and are likely to be released this month,
The department, under the finance Cyber Security Guidelines dated April the person added. IRDAI had issued
ministry, said the applicant should have 24, 2023. The said guidelines sought to draft guidelines on Bima Vahak in
a minimum of two years of residual ser- ensure the security of the organisation's May.
vice as of the date of vacancy, that is information assets through the effec- "The consultative process is over and
March 4, 2024, and the applicant's age tive implementation of up-to-date se- guidelines to operationalise will be
should not exceed 60 years on the said curity mechanisms. The Office Order notified soon," the person said.
date. dated September 14, 2023, specifies
The term of the office of the member that the suggestions received from the "... various modalities are under con-
will be in accordance with the Insurance Regulated Entities (REs) in the imple- sideration, including an e-market-
Regulatory and Development Author- mentation of the 2023 guidelines will place protocol, localized, women-
ity Act. No person will hold the office of also be considered by the committee centric distribution force, simple
the Whole Time Member after attain- for suggesting appropriate changes in benefit-based products which may
ing the age of 62 years, it added. the current framework. greatly enhance ease of doing busi-
Currently, the Insurance Regulatory and The standing committee will consist of ness and significantly contribute to
Development Authority of India (IRDAI) a chairperson, eight members and a insurance inclusivity," IRDAI chair-
Member (Distribution) is S N Rajeswari. convener. If necessary, the committee person Debasish Panda said.

The Insurance Times October 2023 9