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Finance Ministry seeks applications for post of whole-time member at IRDAI

The Insurance Regulatory and Development Authority of India (IRDAI) operates with a ten-member team, spearheaded by the Chairman, supported by five full-time members, and supplemented by four part-time members, all of whom are appointed by the government.

The Ministry of Finance has initiated the process of inviting applications for the position of full-time member (Distribution) at IRDAI.

Prospective candidates are expected to possess a minimum of 25 years of relevant experience, with at least three years at a senior level, as specified in the advertisement issued by the Department of Financial Services.

Furthermore, the applicant should hold a position no lower than that of a Chief General Manager at the Reserve Bank of India or an equivalent rank in other financial institutions or regulatory bodies, according to the requirements.

As stated, applicants should also have at least 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 the aforementioned date.

The tenure of the member's office will be governed by the provisions of the Insurance Regulatory and Development Authority Act, with a maximum age limit of 62 years for holding the position of full-time member.

Presently, the IRDAI Member (Distribution) is S. N. Rajeswari.

In terms of remuneration and benefits, the member will be entitled to a consolidated monthly pay and allowances amounting to Rs. 4 lakh, excluding housing and car facilities.

The deadline for submitting applications is October 30, 2023.

IRDAI is led by Chairman Debasish Panda and comprises five full-time members, including Thomas Devasia (Non-Life), B C Patnaik (Life), Pramod Kumar Arora (Actuary), and Rakesh Joshi (Finance and Investment).

Photo Credit: PTI