The insurance regulator's ninemonth-long search for a director-actuary has been futile and may remain elusive, as its salary offer of almost a tenth of what private actuaries are paid deters talent from taking the job. Insurance regulator Irda for the second time in less than a year has called for applicants to fill up the post lying vacant since May 2011, after retirement of R Kannan. But industry experts said response could be as poor this time as in the past, as expectations and offers don't match. Experts said Irda needs to raise the salary offer to attract candidates who earn hand over fist at private insurers, which don't mind paying high salaries foreseeing prospects of huge growth. The regulator offers about Rs30 lakh annual package for the post of directoractuary compared with about Rs3 crore paid by private insurers.
Source : Economic Times
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