The Finance Ministry is seeking applications for the position of whole-time member (Distribution) at the Insurance Regulatory and Development Authority (IRDAI).
Experience and Eligibility Requirements
Applicants are expected to have a minimum of 25 years of experience in the relevant field, with at least three years in a senior-level position, according to the Department of Financial Services. The applicant should hold a rank no lower than that of a Chief General Manager of the Reserve Bank of India or an equivalent position in other financial institutions or regulatory bodies. The applicant must also have a minimum of two years of residual service as of March 4, 2024, and not exceed 60 years of age on that date.
Term and Salary
The member’s term of office will adhere to the Insurance Regulatory and Development Authority Act. The position of whole-time member cannot be held by individuals over the age of 62. The current IRDAI Member (Distribution) is S.N. Rajeswari. The selected candidate will receive a consolidated pay and allowances of Rs. 4 lakh per month, excluding housing and a car.
Application Details
The last date for submitting applications is October 30, 2023. Interested individuals are encouraged to apply before the deadline.
About IRDAI
The Insurance Regulatory and Development Authority is composed of a ten-member team headed by Chairman Debasish Panda. The team includes five whole-time members and four part-time members, all appointed by the government. The current whole-time members are Thomas Devasia (Non-Life), B.C. Patnaik (Life), Pramod Kumar Arora (Actuary), and Rakesh Joshi (Finance and Investment).