Government invites applications for full-time member position at Irdai

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NEW DELHI: The Financial Services Department of the Ministry of Finance has invited applications for the post of Full-Time Member (Life) at the insurance regulator, the Insurance Regulatory and Development Authority of India (Irdai).

In January, the Ministry of Finance had launched a call for applications for the position of full-time member (non-life) at insurance regulator Irdai.

The Irdai Authority is a 10-member team consisting of a Chairman, five full-time members and four part-time members, all appointed by the Government of India.

In accordance with the latest Invitation Circular, the full-time (lifetime) member’s consolidated salary and allowances will be 4 lakh per month, without the installation of a house and a car. The TBEN for receiving applications is June 15.

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“The candidate must be a competent, honest and recognized person who has knowledge or experience in the fields of life insurance, general insurance, actuarial science, finance, economics, law, accounting, administration or any other discipline which, in the opinion of the central government, would be useful to the authority,” the circular reads.

According to the regulator, the candidate should preferably have at least 25 years of experience in the field of insurance (including life and health insurance), with a minimum of three years of experience at a senior level, not below the rank of Chief Managing Director of the Reserve Bank of India or its equivalent in other regulatory bodies or financial institutions/insurance companies.

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Additionally, a private sector candidate should preferably have worked at the functional head level at a level that is at least one level immediately below the board level.

Also, a candidate who is an academician should preferably have worked at least as a professor in the relevant department or faculty.

The candidate must be an Indian citizen with a proven track record of leadership and authority in decision-making.

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In terms of other requirements, the candidate must have a minimum of two years of residual service on the date of vacancy, i.e. July 31, 2022, which means that the age of the candidate must not exceed 60 years old on said date.

Irdai in March named Debasish Panda president for a three-year term. Prior to that, the position was vacant for a period of over nine months as Subhash Chandra Khuntia stepped down in May 2021.

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