Finance ministry invites applications for Irdai whole-time member post

The finance ministry has invited applications for the post of the whole-time member (non-life) at insurance regulator Irdai.

The applicant should preferably have at least 25 years of experience in the area of insurance (including general and health insurance), with a minimum of three years' experience at a senior level, the Department of Financial Services said in an advertisement.

"The Insurance Regulatory and Development Authority of India (Irdai) is established by the Insurance Regulatory and Development Authority Act, 1999. Applications are invited from eligible candidates for the office of whole-time member (non-life) in the Authority," it said.

The applicant should not be below the rank of a chief general manager of the Reserve Bank of India (RBI) or equivalent thereto in other financial institutions or regulatory bodies, it said.

 

The applicant who is a government servant should preferably have worked at least at the level of additional secretary to the Government of India or its equivalent level in state governments, it said.

The department, under the finance ministry, said the applicant should have a minimum of two years of residual service as on the date of vacancy that is May 6, 2022, which means the applicant's age should not exceed 60 years on the said date.

No person will hold the office of the whole-time member after attaining the age of 62 years, it added.

On salary and allowances, the member will be entitled to consolidated pay and allowances of Rs 4 lakh per month without the facility of house and car.

The last date for submitting applications is February 15, 2022.

Irdai has a 10-member team led by the chairman alongside five whole-time members and four part-time members, which are being filled by the government.

The position of the Irdai chairman is vacant for the past eight months. After Subhash Chandra Khuntia completed his tenure on May 6, 2021, the position of the Irdai chairman has been lying vacant.