Govt notifies for Vijayan's successor

Applicant should have at least 30 years of work experience and he/she should have worked as secretary to government of India or its equivalent level in Government of India/State Govts/ Other Institutions

AIP News Bureau

Mumbai:


Government has notified for the successor of IRDAI chairman TS Vijayan who will be retiring on 2ND Feb 2018.
  
``It is desired that the applicant should have at least 30 years of work experience and he/she should have worked as secretary to government of India or its equivalent level in Government of India/State Govts/ Other Institutions and should have had a proven track record of leadership and authority in decision making,’’ said the notification..
 

 

Applicants from private sector who have worked as CEO or equivalent of a large financial institution can apply.

 

The appointment shall be made by the Central Government on the recommendation of the Financial Sector Regulatory Appointments Search Committee (FSRASC) headed by Cabinet secretary.

 

``It may, however, be noted that the FSRASC is free to identify and recommend any other person also, on the basis of merit, who has not applied for the post,’’  said the notification.

 

``The appointment shall be made by the Central Government on the recommendation of the Financial Sector Regulatory Appointments Search Committee (FSRASC) headed by Cabinet secretary''.


.The application should reach the following address on or before 27th December, 2017 by 5.30P.M.


As per sec. 5(1) of the Insurance Regulatory and Development Authority Act, 1999, the Chairperson shall hold office for a term of 5 years from the date on which he enters upon his office and shall not hold office beyond 65 years of age. He is eligible for re-appointment. The applicant should have a minimum 2 years of residual service as on date of vacancy i.e. not in excess of 63 years of age as on 21.02.2018.


The Chairperson IRDAI is entitled to a consolidated salary of Rs. 4.5 lakhs per month, without facility of house and car.
 

As per Section 4 of the IRDA Act, 1999, the Chairperson and Members of IRDAI shall be a person of ability, integrity and standing who has knowledge or experience in life insurance, general insurance, actuarial science, finance, economics, law, accountancy, administration or any other discipline which would in the opinion of the Central Government be useful to the IRDAI, said the notification.
 

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