Chennai, Feb 16 (IANS): Suspense continues in the insurance industry on who will be the next chief of the Insurance Regulatory and Development Authority of India (IRDAI). The position falls vacant from February 21.

Incumbent Chairman T.S. Vijayan is set to retire. "It seems the government has not taken any step to find a replacement for him," an industry official who did not wish to be quoted by name told IANS.

"This apart, the posts of Member (Finance) and Member (Distribution) has been lying vacant for a long time. The insurance sector as a whole has investments amounting to several lakh crore of rupees belonging to several millions of policy holders," the expert added.

"If the government does not appoint a new head for IRDAI in a couple of days, then it may resort to an interim arrangement like asking the senior most Member in IRDAI to carry out the Chairman's functions," K.K. Srinivasan, retired Member of IRDAI, told IANS.

It should also be seen whether the government would go for an IAS officer to head IRDAI or choose someone from the insurance industry.

Barring current Chairman Vijayan, who was formerly the Chairman of Life Insurance Corp of India, the IRDAI has been headed by bureaucrats.