Page 12 - The Insurance Times September 2024

a salary of Rs 1.46 lakh. To apply for
these posts, first of all, one has to visit IRDAI instructs insurance companies to upload poli-
the IRDA website, irdai.gov.in. cyholders' KYC information to CKYCRR's website
There are a total of 49 vacancies for In an important instruction to insurance companies, regulator IRDAI said
the post of Assistant Manager in the that they will now have to upload the verified KYC information of existing
Insurance Regulatory and Develop- policyholders to the website of Central Records Registry (CKYCRR). The step
has been taken to increase transparency and security of financial transac-
ment Authority of India (IRDAI). Out of
these, 21 vacancies are for the general tions.
category, whereas 4 vacancies are re- At the same time, Sebi has also directed KYC Registration Agencies (KRAs) to
served for the EWS category. Similarly, upload KYC information of Capital Market Investors to CKYCRR by January 31,
12 vacancies are reserved for OBC, 8 2025, from August 1, 2024. Under this, if insurance companies receive any
for SC and 4 for ST. update information in the KYC record of the existing policyholder from
CKYCRR, they will have to get the KYC record from CKYCR and update it.
There are five vacancies each for the
CKYCRR is a KYC system that can be used in all financial transactions, such
posts of actuary, finance, law, IT, and
research in the Insurance Regulatory as banks, mutual funds, stocks, insurance, and NPS. With this move of IRDAI,
mutual fund distributors and insurance agents will be able to use each other's
and Development Authority of India
CKYC data, making the process of customer onboarding simpler and faster.
(IRDAI), while 24 recruitments have
come out for the post of generalist. For
actuary, the candidate must be a Debasish Panda and Tapan Singhel, policyholders. Based on premiums
graduate with 60 per cent marks. Chairman, the GIC and MD & CEO of managed, Medi Assist TPA’s market
Apart from this, one should pass 7 pa- Bajaj Allianz General Insurance. share will increase to 36.6% in the
pers of AIA in the year 2019. group segment and 23.6% in the health
For finance recruitment, one must IRDAI nods Medi Assist TPA insurance business with the acquisition
have at least 60 per cent marks in to acquire 100% stake in of Paramount TPA.
graduation. Apart from this, courses “Paramount TPA has performed really
like ACA/CFA should also be there. For Paramount TPA for 312 cr well over the past years under Dr.
IT posts, the candidate should have a Medi Assist Insurance TPA, a wholly Nayan Shah’s leadership. We are
Bachelor of Engineering or Masters in owned subsidiary of Medi Assist thrilled that in its new home, Medi
Computer degree. For research posts, Healthcare Services is all set to acquire Assist TPA, it will reach greater
the candidate should have a Master’s 100% stake in Paramount Health Ser- heights,” said Gobinath Athappan,
degree in Economics. For the post of a vices & Insurance TPA, a well-known Chairman & CEO, Fairfax Asia.
generalist, the candidate should be a TPA player owned by Fairfax Asia and
the Shah family. This acquisition is a This purchase is expected to leverage
graduate with 60 per cent marks.
significant step forward in the TPA in- Medi Assist’s technology, automation
IRDAI and GIC conclave: dustry, cementing Medi Assist’s posi- (AI/ML), and provider networks, posi-
tion as a market leader. The deal is tioning the merged company as a long-
Task force formed to subject to usual closing conditions and term strategic partner to insurers

strengthen surety bond in- Insurance Regulatory Authority of In- (General, SAHI, and Life).
dia (IRDAI) clearance.
surance “Paramount TPA’s 28 years of leader-
“The acquisition represents one of the ship in the TPA industry stands testa-
The Insurance Regulatory and Devel- largest TPA deals in India, with an en- ment to its success. Our COO, Atman
opment Authority of India (IRDAI) and terprise value of Rs 311.8 crore, and Shah’s leadership, has been instrumen-
the General Insurance Council (GIC) equity value expected to exceed Rs 400 tal in the growth of the business. The
convened a Surety Conclave on August crore, subject to regulatory (IRDAI) coming together of 2 leading TPAs will
23. The regulatory bodies addressed approvals,” Medi Assist Healthcare go a long way in delivering on the
the progress and challenges of the Services said in a press release. promise of Insurance for all by 2047.”
surety bond market in India. Paramount TPA works with 30 insurers, said Dr Nayan Shah, MD Paramount
The event was led by IRDAI Chairman over 3,000 group customers, and retail TPA.

12 September 2024 The Insurance Times