This will be also last board meeting of IRDAI under the chairmanship of Debasish Panda will be completing his three-year tenure on Mar 13 .The last date for applying for the top IRDAI job is Apr 6.
New Delhi/Hyderabad: Even as the government has advertised for a new chairman for Hyderabad based IRDAI, the Insurance regulator is having its board meeting under the chairmanship of Debasish Panda on Wednesday.
It was expected that either the government will give Panda an extension or will announce a new chairman by Mar 13.
However, ending all speculations, the government has issued the advertisement for a new chairman on Sunday and the last date for applying for the job is Apr 6.
Like the recent appointments for the top post at banking regulator Reserve Bank of India (RBI) and capital market regulator Sebi, the government may consider one of the serving top bureaucrats or retired one for the IRDAI chairmanship.
But it has to be seen how quickly the government is completing this processes to appoint a new chairman at the IRDAI as the post will fall vacant from Mar 14.
Though, all the selections at the regulators in the financial sector services sector were supposed to be done by the Financial Sector Regulatory Appointment Search Committee, headed by the Cabinet Secretary, both the recent appointments -governor, Reserve Bank of India and chairman, Sebi- were done directly by the government without holding any interviews.
However, sources said, the government will wait till Apr 6 to announce the appointment of a new chairman at the IRDAI.
The applicant for IRDAI chairman should have a minimum of two years of residual service as on the date of vacancy i.e. 14.03.2025, i.e. the applicant’s age should not exceed 63 years on the said date, said the advertisement
Among other eligible criteria-
-The applicants should preferably have at least 30 years of relevant work experience, should have worked as Secretary to Government of India or its equivalent level in Government of India or State Government or other institutions, and should have had a proven track record of leadership and authority in decision-making.
– Applicants from private sector should have worked as CEO or equivalent of a large financial institution.
Consolidated pay and allowances of the Chairperson shall be Rs. 5,62,500/- per month, without the facility of house and car.
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