Centre initiates process to appoint two full-time members on Irdai board

Both the appointments shall be made by the central govt on the recommendations of the Financial Sector Regulatory Appointment Search Committee.

The Centre has set in motion the process to appoint two full-time members for the actuarial and distribution position in the Insurance Regulatory and Development Authority of India (Irdai). 

Earlier, Sujay Banarji was the whole-time member for distribution in Irdai and Pournima Gupte was the actuarial member. Term of both the members will come to an end in January 2020. Gupte joined Irdai in 2015 and Banarji in 2018.

The posts that the government is looking to fill has a maximum five-year stint and comes with Rs 4 lakh monthly compensation and does not include the facility of a house and a