IAI to expel former IRDA member for misconduct

India Infoline News Service | Mumbai |

The 12 member IAI's top governing council decided to expel Kannan from the IAI's membership for life

The Institute of Actuaries of India (IAI) has decided to expel R Kannan, a former member of Insurance Regulatory and Development Authority for financial misconduct, according to a media report.

The 12 member IAI's top governing council met Saturday in Mumbai and decided to expel Kannan from the institute's membership for life and also levy a fine of Rs. 5 lakh, the report added.

The complaint against Kannan was referred to disciplinary committee in 2010 which gave its report only last year. It took another one year for IAI to conclude the case Saturday.

Kannan—the IRDA's member-actuary for five years until May 2012—was found guilty of forging bills by a disciplinary committee of the IAI.

 

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