The Finance Ministry has invited applications for the post of whole-time member (life) at insurance regulator Insurance Regulatory and Development Authority of India (IRDAI).
The last date for submitting applications is June 15, 2022. IRDAI has a 10-member team led by the chairman along with five whole-time members and four part-time members, which are being filled by the government. Former LIC senior executive K Ganesh is currently the member (Life).
The applicant should preferably have at least 25 years of experience in the insurance (including life and health insurance) sector, 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 (Life) in the Authority," it said.
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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, the advertisement added.
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 July 31, 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 a house and car.
The appointment would be made by the central government on the recommendation of the Financial Sector Regulatory Appointment Search Committee headed by the Cabinet Secretary.
The committee is also free to identify and recommend, based on merit, any person other than those who have applied for the office, it said, adding the committee may also suggest relaxation in eligibility and qualifications and experience criteria in respect of outstanding candidates. Serving officials applying for the post are required to send Vigilance Clearance from the CVO of the respective organisation along with the application, it added.
