Rakesh Joshi, member, Finance and Investment and Pramod Arora, member, Actuary, will be completing their terms at the IRDAI in next six months
The applicants should have a minimum of two years of residual service as on the date of vacancy i.e., the applicant’s age should not exceed 60 years on the said date
Last date for receipt of applications for both the posts is Aug 10
New Delhi:
Much in advance, the government has advertised for two posts of members- `Finance and Investment’ and `Actuary’, at Hyderabad based insurance regulator IRDAI.
Rakesh Joshi, member, Finance and Investment, IRDAI, who had joined on March 22, 2022, will be retiring on Dec 2, 2023 after reaching 62.
Parmod Kumar Arora, member, Actuary, IRDAI, who had joined on Jan 4, 2021 will be completing his three-year tenure on Jan 4, 2024. Arora will be 58 at the time of completing his three year stint at the IRDAI.
According to the existing IRDAI regulations, a member can continue till the age of 62 while a chairman can hold office till 65.
The IRDAI, headed by chairman Debasish Panda, chairman, has currently five posts of members.
Before Panda took over in March 2022, senior officials of PSU insurers were a preferred lot for all posts of members except Actuary. Setting a new trend Panda wanted dynamic professionals from private sector only as members that led to the appointments of Joshi, whose last job was in SBI Caps and Thomas Devasia, (member, Non-Life), who was working with an international insurance broking firm Marsh India.
However, though, it was not expected, BC Patanaik, a former managing director of Life Insurance Corporation, was suddenly inducted as member, Life, in April after the post had lied vacant for almost a year.
Now, it is to be seen, whether PSU officials can be considered for the two posts, said observers.
The applicants should have a minimum of two years of residual service as on the date of vacancy i.e., the applicant’s age should not exceed 60 years on the said date.
Last date for receipt of applications for both the posts is Aug 10.
A whole-time member gets consolidated pay and allowances of Rs 4,00,000 per month, without the facility of house and car.
For the member, Actuary, an applicant should preferably be Fellow of the Institute of Actuaries of India (IAI) or Institute and Faculty of Actuaries in the UK (IFA) or Institute of Actuaries of Australia or Society of Actuaries in US or Canadian Institute of Actuaries, Canada.
However, for both the position, applicants should preferably have at least 25 years’ experience in the area of finance and investment, with a minimum of three years’ experience at a senior level, not below the rank of a chief general manager of the Reserve Bank of India or equivalent thereto in other financial institutions or regulatory bodies.
An applicant government servant should preferably have worked at least at the level of Additional Secretary to the Government of India or its equivalent level in State Governments.
An applicant public sector official should preferably have worked at a level which is at least one level immediately below the board level.
An applicant from the regulatory sector should preferably have worked at least as executive director in the regulatory body.
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.
The advertisement inviting applications for posts of two members is available in the websites of Department of Financial Services(DFS) and IRDAI.