Finance ministry seeks
applications for post of whole time member Irdai
The finance ministry has
invited applications for the post of Whole Time Member (Distribution) at
insurance regulator Irdai.
The applicant should
preferably have at least 25 years of experience in the relevant area with a
minimum of three years experience at a senior level, the Department of
Financial Services said in an advertisement.
The applicant should not
be below the rank of a Chief General Manager of the Reserve Bank of India or
equivalent that place in other financial institutions or regulatory bodies, it
The department, under the
finance ministry, said the applicant should have a minimum of two years of
residual service as of the date of vacancy, that is March 4, 2024, and the
applicant's age should not exceed 60 years on the said date.
The term of the office of
the member will be in accordance with the Insurance Regulatory and Development
Authority Act. No person will hold the office of the Whole Time Member after
attaining the age of 62 years, it added.
Currently, the Insurance
Regulatory and Development Authority of India (Irdai) Member (Distribution) is
S N Rajeswari.
On salary and allowances,
the member will be entitled to consolidated pay and allowances of Rs 4 lakh per
month without the facility of a house and a car.
The last date for
submitting applications is October 30, 2023.
Irdai has a ten-member
team led by the Chairman alongside five Whole Time Members and four Part-Time
Members, which are being filled by the government.
The regulatory body is
led by Chairman Debasish Panda, with five Whole-Time Members, including Member
(Non-Life) Thomas Devasia, Member (Life) B C Patnaik, Member (Actuary) Pramod
Kumar Arora, Member (Finance and Investment) Rakesh Joshi.