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The government has invited applications for appointment of whole-time members at Insurance Regulatory and Development Authority of India (Irdai). Applications have been invited for the positions of member-life, member-non life and member-finance & Investment.
While the position of member-life is vacant since last February after S Roy Chowdhury retired, the member-distribution is handling it for now. Similarly, Irdai recently appointed member-actuary after the post was vacant for almost three years.
In 2015, Irdai will see more vacancies. M Ramaprasad, member (non-life) is retiring in May while RK Nair, member (finance & investment)’s tenure will end in March 2015.
Irdai’s member (distribution) DD Singh, will also retire in July on reaching the age of 62.
Sources said that if suitable candidates are not selected, some members may be given an extension for another 18-24 months.
For the Whole-Time Member in the non-life insurance area, the applicant should preferably have at least 25 years experience in non-life insurance with a minimum of 3 years experience at a senior level not below the rank of a General Manager of Public Sector Non-life Insurance Company or its equivalent in other companies. They should also have a minimum 2 years of residual service with reference to the post of Whole-Time Member in the IRDAI as on the last day for receipt of applications, i.e. age should not exceed 60 years on that day.
For the Whole -Time Member in the life insurance area, the applicants are required to have at least 25 years experience in life insurance with a minimum of 3 years experience at a senior level not below the rank of an Executive Director in a Public Sector Life Insurance Company or its equivalent in other companies.
The applicants should have a minimum 2 years of residual service with reference to the post of Whole-Time Member in the Insurance Regulatory and Development Authority of India as on the last day for receipt of applications, i.e. age should not exceed 60 years on that day.
Similarly, for the post of Whole-Time Member in the area of Finance & Investment, the applicants should preferably have at least 25 years experience in the area of finance and investment with a minimum of 3 years experience at a senior level not below the rank of Chief General Manager of Reserve Bank of India or its equivalent in other Financial Institutions / Regulatory bodies.
They should also have a minimum 2 years of residual service with reference to the post of Whole-Time Member in Insurance Regulatory and Development Authority of India as on the last day for receipt of applications, i.e. age should not exceed 60 years on that day.
The tenure of appointment to all three posts shall be 5 years from the date of joining office with a provision of reappointment subject to the maximum age of 62 years. The consolidated pay and allowances of the Whole-time Members shall be Rs.3.75 lakh per month without facility of house and car. The last day for applications is March 2, 2015.
