Govt invites applications for Irdai chief's post as Panda's term ends soon

The Ministry of Finance has invited applications for the post of chairperson in the Insurance Regulatory & Development Authority of India (Irdai), as the tenure of the current chairperson, Debasish Panda, ends on March 13.

 

In its advertisement, the Department of Financial Services has sought applications from individuals with “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.”

 

It calls for applications to have a minimum 30 years of relevant work experience and must have worked as secretary to the Government of India or in an equivalent position with the government with “proven track record of leadership and authority in decision making”.

 

Applicants from the private sector are expected to have worked as CEO or in an equivalent position in a large financial institution.

 

The applicant’s age should not be more than 63 years old as on the date of vacancy - March 14, 2025. The last day for submitting applications is April 6, 2025. Panda’s tenure commenced on 14 March, 2022.

 

Panda is a 1987- batch IAS officer of the Uttar Pradesh Cadre. Before becoming Irdai chairman, he also served as the financial services secretary and additional secretary looking after insurance and financial inclusion.

 

During his tenure, he introduced significant reforms in the insurance industry, including the shift to principle-based regulations, shift to a 'use and file' system of products, new Expense of Management (EoM) regulations, and new surrender value norms.