The Department of Financial Services, Ministry of Finance has invited applications for the post of chairperson of Insurance Regulatory and Development Authority of India (IRDAI) which is falling vacant on February 21, 2018.
The chairperson is entitled to a consolidated salary of Rs 4.5 lakh per month, without the facilities of a house and car. TS Vijayan is currently the Chairman of IRDAI.
As per Section 4 of the IRDA Act, 1999, the chairperson and members of IRDAI are required to persons of ability, integrity and standing who have knowledge or experience in life insurance, general insurance, actuarial science, finance, economics, law, accountancy, administration or any other discipline which would in the opinion of the Central Government be useful to the Authority.
The chairperson, according to the IRDA Act 1999, can hold office for a term of 5 years from the date on which he enters upon his office and or till 65 years of age. He is eligible for re-appointment and should have a minimum 2 years of residual service as on date of vacancy.
The vacancy circular said the applicant should have at least 30 years of work experience and he/she should have worked as Secretary to Government of India or its equivalent level in Government of India/State Govts/ Other Institutions. Applicants from private sector should have worked as CEO or equivalent of a large financial institution.The appointment will be made by the Central Government on the recommendation of the Financial Sector Regulatory Appointments Search Committee (FSRASC). However, FSRASC can also identify and recommend any other person also, on the basis of merit, who has not applied for the post.