Debasish Panda, chairman, Insurance Regulatory and Development Authority
The last date for applying for the top IRDAI job is Apr 6.
For the new chairman of IRDAI, names of Giridhar Aramane, former Defense Secretary, Ajay Seth, Secretary, Department of Economic Affairs, Ministry of Finance, Pankaj Jain, secretary, Ministry of Petroleum are already doing rounds in the Delhi power corridor.
New Delhi: The government has advertised for a new chairman for Hyderabad based IRDAI.
It was expected that either the government will give Debasish Panda, chairman, IRDAI, an extension or will announce a new chairman by Mar 13, the day he will be completing his three-year term at the regulatory body.
However, ending all speculations about Panda’s extension, the government has issued a advertisement for a new chairman on Sunday evening 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.
For the new chairman of IRDAI, names of Giridhar Aramane, former Defense Secretary, Ajay Seth, Secretary, Department of Economic Affairs, Ministry of Finance, Pankaj Jain, secretary, Ministry of Petroleum are already doing rounds in the Delhi power corridor.
But it has to be seen how quickly the government is completing these 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 are supposed to be done by the Financial Sector Regulatory Appointment Search Committee(FSRASC), 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 issued by the Department of Financial Services.
The other eligible criteria for the post of the IRDA chairman are –
-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.
-The appointment will l be made by the Central Government on the recommendation of the Financial Sector Regulatory Appointment Search Committee. The committee is also free to identify and recommend, based on merit, any person other than those who have applied for the office. In respect of outstanding candidates, the committee may also recommend relaxation in eligibility and qualifications and experience criteria.
-The term of office of the Chairperson shall be in accordance with the relevant provisions under the Insurance Regulatory and Development Authority Act, 1999 and the decision of the appointing authority in this regard, provided that no person can hold office as Chairperson after attaining the age of sixty-five years.
Consolidated pay and allowances of the Chairperson shall be Rs. 5,62,500/- per month, without the facility of house and car.