Hyderabad:
The government has issued advertisements inviting applications from the prospective public and private sector candidates for the two posts of members, Distribution and Actuary , in the Hyderabad based insurance regulator IRDAI.
Sujay Banarji, member ( distribution), will be completing his two- year term and would retire in Jan 2010 after reaching 62 while Pournima Gupte member (Actuary) will be completing her five year terms in Jan 2010 and will be eligible for reappointment as she is yet to reach 62.
Gupte joined Irdai in 2015 and Banarji in 2018.
AT IRDA,the chairman can continue upto 65 while for the members,the retirement age is at 62.An earlier move by the IRDAI to raise the retirement age of members upto 65 was rejected by the centre.
“Applications are invited for the post of Whole-Time Member (Distribution), Insurance Regulatory and Development Authority of India (IRDAI) which has a tenure of maximum period of 5 (five) years or up to 62 years of age, whichever is earlier,’’ said .
The last date/time for receiving the completed applications is 25th Nov.
The consolidated pay and allowances of the Whole-time Member shall be Rs.4.00 lakh per month without facility of house and car.
The particulars of the post and eligibility conditions and details related to the application process are given on the Ministry’s website http://financialservices.gov.in/ and IRDAI’s website https://www.irdai.gov.in/.
For the whole-time actuarial member, the government has mandated that the candidate has to be a fellow from either the Institute of Actuaries of India, the UK, Australia, the US, or Canada.
Age of the applicant should not be less than 50 years on the last date of submission of application and has to have at least five years of experience in the area of actuarial functions.
The applicant should have a minimum two years of residual service on 13 th Jan 2020, i.e., age should not exceed 60 years on that day.
Similarly, for the post of whole-time member in charge of distribution, the eligibility criteria set by the government includes at least 25 years of experience of post qualification, of which at least 15 years should be in the relevant field.
Moreover, government servants, who wish to apply for the position of the whole-time director for distribution, need to have worked at least at the level of additional secretary to the government of India, or its equivalent level in state governments.
And, public sector officials should have worked at least at one level immediately below the board level. Private sector employees wishing to apply for the post should have worked at the level of functional head, and for academicians applying for the post need to have worked at least as a professor.
Both the appointments shall be made by the central government on the recommendations of the Financial Sector Regulatory Appointment Search Committee.
Besides the chairman, Irdai has five full-time members on its board. Three others are for life, non-life, and investment segments. K Ganesh is the member for life insurance, T L Alamelu is for non-life insurance, and Pravin Kutumbe is for finance and investment.