The Finance Ministry has invited applications to fill up the post of Irdai chairperson, which is set to fall vacant post retirement of T S Vijayan in February.
"The government proposes to fill up the post of Chairperson, Insurance Regulatory and Development Authority of India (Irdai) located in Hyderabad, which is falling vacant on February 21, 2018," Irdai said in a notification issued by the Department of Financial Services.
The tenure of the chairman will be for five years from the date of joining office.
As per the eligibility criterion, the applicant shall not hold office beyond 65 years of age.
However, the person would be eligible for reappointment and should have a minimum of 2 years of residual service on the date of vacancy or not more than 63 years of age on February 21, 2018.
The applicant is required to have at least 30 years of work experience and should have served as secretary to Government or at equivalent level in other institutions.
Applicants from private sector can also apply for the post and should have worked as a CEO or equivalent of a large financial institution, the notification said.
The current chairman, Vijayan, who is a veteran in the insurance industry and headed LIC for five years, took charge of Irdai in February 2013.
A native of Kerala, he also worked in various capacities in LIC before becoming its chairman in 2006.
Irdai chairperson is entitled to a consolidated salary of Rs 4.5 lakh per month, without car and housing facility, the notification added.
The applicants are required to apply for the post on or before December 27, 2017.