New Delhi, Apr 30:
The government, on Friday, has asked for applications for appointment of chairperson in the Hyderabad based Insurance Regulatory and Development Authority of India(IRDAI).
The incumbent chairman Subhash Chandra Khuntia, 63,IAS (retd) of 1981-batch, will be completing his three year term on May 7.
The last date for the receipt of applications is 29th May.
Applicants should have at least 30 years of work experience, should have worked as secretary to Government of India or its equivalent level in Government of India or State Governments or other institutions, and should have had a proven track record of leadership and authority in decision-making.
Effectively, from the public sector insurance industry, only chairman of Life Insurance Corporation(LIC), who is in the rank of secretary of governmemnt of India, can apply.
MR Kumar,chairman, LIC will be retiring in June end.
Applicants from private sector should have worked as CEO or equivalent of a large financial institution.
The applicant should have minimum of two years of residual service as on May 7, 2021, i.e., the applicant’sage should not exceed 63 years on said date.
The appointment of the IRDAI chairman will be made by the central government on the recommendation of the Financial Sector Regulatory Appointment Search Committee headed by the cabinet secretary.
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, said the government advertisement.
The consolidated pay and allowances of the chairperson shall be Rs.4.50 lakh per month without the facility of house and car, said the advertisement issued by the government..
Detailed terms and conditions are available on the websites of the Department of Financial Services (http://financialservices.gov.in/) and the Authority(https://www.irdai.gov.in/).