The centre has advertised for the two posts of whole-time-members in the Insurance Regulatory and Development Authority of India (IRDAI} as PJ Joseph, member, non-life and Nilesh Sathe,member,life, will be retiring shortly after reaching 62.
The necessary advertisement to fill up the two posts has been issued by the ministry of finance(MoF) on Friday and the last date for applying for the two posts is 29th October.
A high powered panel headed by cabinet secretary will choose the new regulators after conducting interviews of shortlisted candidates.
Joseph who joined the IRDA on 29th March 2016 will be calling it a day in Jan 2019 after completing near three year tenure while Sathe who had joined the insurance regulator on July 1 2015 will be retiring in July 2019 after completing a four year tenure.
IRDA has five members managing life, non-life, distribution and finance and actuarial departments and each member can hold the office till 62.Earlier,IRDAI had proposed the governmemt to raise the retirement age of members to 65, but it has not been acccepted.
Though, candidates from all categories- public, private and academics- can apply for the posts of members, except member, actuary, only public sector officials have been appointed in the past.
There will be a keen race among the senior officials of public sector general insurance companies and Life Insurance Corporation for the two posts.
Recently the central government appointed two senior officials- Tajinder Mukherjee as the CMD of National Insurance Company and Girish Radhakrishnan, as the CMD of United India Insurance- of public sector general insurance companies as the CMD after interviewing 10 senior officials from the PSU general insurance companies.
Both Mukheerji and Radhakrishnan have superseded many other senior officials of PSU general insurnace companies while being selected to head two companies .
The posts of CMD at the listed New India Assurance is still lying vacant – G Srinivasan retired as the CMD on July 31-as the government didn’t select anybodythough the post was notified while shortlisting the candidates for the interviews.
Though, there are speculations that the government is keen to induct a private sector professional in to the post, nothing has happened in this regard so far.
Meanwhile, one post of managing director at Life Insurnace Corporation(LIC) will be falling vacant on Sept 30 as Usha Sangwan is retiring during the month end.In quick succession rest of the three MDs- Sunata Sharma, B Venugopal, Hemant Bharagva and chairmna VK Sharma will be retring in the next eight to nine months.
The ministry of finance has started the process for selecting the new MDs and chairman by asking the LIC to list the names of the senior eligible officials who will be appearing for the interview.
Eligibility criteria for the posts of IRDAI members
The applicants should preferably have at least 25 years experience in the area of Life/non life Insurance with a minimum of 3 years experience at a senior level not below the rank of an Executive Director in a Public Sector Life/non life Insurance Company or its equivalent in other companies.
Applicants from the regulatory sector should preferably have worked at least as executive director in the regulatory body. Private Sector applicants should preferably have worked at the level of functional head. Academics should preferably have worked at least as Professor in the Department or the faculty concerned. Other professionals should preferably have experience and credentials in their respective professional field which are broadly equivalent to what has been mentioned above. Applicants should have a proven track record of leadership and authority in decision making.
The applicant should have a minimum 2 years of residual service with reference to the post of Whole-Time-Member in Insurance Regulatory and Development Authority of India as on the last day for receipt of applications, i.e. age should not exceed 60 years on that day.
The tenure of appointment to these two posts shall be five years from the date of joining office with a provision of reappointment subject to the maximum age of 62 years. The consolidated pay and allowances of the whole-time members shall be Rs.4 lakh per month without facility of house and car.