A search panel, The Financial Sector Regulatory Appointment Search Committee (FSRASC), headed by the cabinet secretary normally interviews and selects a candidate for the post members and chairmen/governor of regulatory bodies like Reserve Bank of India, Sebi and IRDAI
However, FSRASC has the power to directly select any eligible candidate without even conducting any interviews
New Delhi:
The government has advertised for the post of member, Life, IRDAI, as the incumbent K Ganesh will be retiring in July. He had joined the insurance regulatory body in July 2019 with a three-year term.
At present, the post of member, Non-Life, is also vacant as TR Alamelu retired on May 6 and though, the government has already advertised for the post, no interview has been conducted as yet.
The government search panel, The Financial Sector Regulatory Appointment Search Committee (FSRASC), headed by the cabinet secretary normally interviews and selects a candidate for the post members and chairmen/governor of regulatory bodies like Reserve Bank of India, Sebi and IRDAI.
However, FSRASC has the power to directly select any eligible candidate without even conducting the interviews of the short-listed candidates by even taking into consideration those who have not even applied for the job.
For member, Life, the applicant should have a minimum of two years of residual service as on the date of vacancy i.e. .July 31 and the applicant’s age should not exceed 60 years on the said date, said the government.
The aspiring candidates for the member life should have least 25 years of relevant work experience, leading to a senior executive or management position in the organisation concerned. If the applicant is a government servant, he or she should preferably have worked at least at the level of additional secretary to the Government of India or its equivalent level in State Governments, said the government notification..
An applicant from the regulatory sector should preferably have worked at least as executive director in the regulatory body. An applicant public sector official should preferably have worked at a level which is at least one level immediately below the Board level.
A private sector applicant should preferably have worked at the level of functional head at a level which is at least one level immediately below the Board level. An applicant who is an academician should preferably have worked at least as professor in the department or faculty concerned.
Consolidated pay and allowances of the whole-time member is Rs. 4,00,000 per month, without the facility of house and car.
The IRAI has provisions for five members, Life, Non-life, Finance & Investment , Actuary, Distribution and five part-time members.