Govt invites applications for Irda chairman post

The term of the preset chairman J Hari Narayan will end in Feb 2013

The government of India has invited applications for the post of chairman of Insurance Regulatory and Development Authority (Irda) to be based in Hyderabad. The term of the preset chairman J Hari Narayan will end in February 2013.

As a circular on the financial services department website, the chairperson is entitled to a consolidated salary of Rs 3.75 lakhs a month, without facility of house and car.

The circular further said that as the Irda Act 1999, the chairperson and members of Irda would be appointed amongst persons of ability and integrity who have experience in life insurance, general insurance and other allied fields that would be useful to the Authority.

The chairman will hold the post for a duration of five years from the date of entering office and would not hold the position post 65 years of age. The circular said that the person should two years of residual service as on date of vacancy, meaning he/she should not be more than 63 years of age as on 21 February 2013, the date when the position will become vacant.

For being eligible to the post, an individual would need to have 30 years work experience and he/she should have worked as Secretary to Government of India or its equivalent level in state government, central government or other institutions. "The applicant should have had a proven track record of leadership and authority in decision making," the circular further said.

The last date for application for the post has been set at 7 November, 2012. The financial services has also advertised in newspapers inviting applications for the post.