Finance Ministry seeks applications for Whole Time Member position at IRDAI

The Ministry of Finance has  invited applications to fill the position of Whole Time Member (Distribution) at the Insurance Regulatory and Development Authority of India (IRDAI).

The candidates are expected to possess a substantial background in the relevant field, with a minimum of 25 years of experience, including at least three years in a senior leadership role, the Department of Financial Services said in an advertisement.

Furthermore, applicants should hold a rank equivalent to or higher than that of Chief General Manager at the Reserve Bank of India or similar positions within other financial institutions or regulatory bodies, in accordance with the department's requirements.

The Finance Ministry's department also stipulated that applicants must have a minimum of two years of remaining service as of the vacancy date, which is March 4, 2024. Additionally, candidates should not exceed 60 years of age as of that date.

The tenure of the selected candidate will align with the provisions of the Insurance Regulatory and Development Authority Act. Notably, the age limit for holding the position of Whole Time Member is capped at 62 years.

The current Whole Time Member (Distribution) at IRDAI is S N Rajeswari.

In terms of compensation, the chosen candidate will receive a consolidated monthly pay and allowances totalling Rs 4 lakh. However, the offer does not include a house or a vehicle.

Prospective applicants are advised to submit their applications by the deadline of October 30, 2023.

IRDAI operates with a ten-member team, overseen by Chairman Debasish Panda. This includes five Whole Time Members, such as Member (Non-Life) Thomas Devasia, Member (Life) B C Patnaik, Member (Actuary) Pramod Kumar Arora, and Member (Finance and Investment) Rakesh Joshi.

(With inputs from PTI)