New Delhi: Department of Financial Services under Ministry of Finance has invited applications for the post of Whole Time Member (Life) in Insurance Regulatory and Development Authority of India (IRDA).
In January, the finance ministry had invited applications for the post of whole-time member (non-life) in insurance regulator IRDA.
The Authority at Irdai is a 10 member team consisting of the Chairman, five full time members and four part time members, all appointed by the Government of India.
As per the latest invitation circular, the consolidated pay and allowances of Whole Time Member (Life) will be 4 lakh per month, without the facility of house and car. The last date for receipt of applications is June 15.
“The applicant should be a person of competent, integrity and standing having knowledge or experience in life insurance, general insurance, actuarial science, finance, economics, law, accountancy, administration or any other subject which, in the opinion of the Central Government, Authority would be useful for the purpose,” the circular said.
As per the regulator, the applicant should have at least 25 years of experience in insurance (including life and health insurance), at least three years of experience at senior level, not below the rank of chief general manager. Reserve Bank of India or its equivalent in other regulatory bodies or financial institutions/insurance companies.
In addition, a private sector applicant should preferably be working at the level of functional head at a level which is at least one level below the board level.
In addition, an applicant who is an academician should preferably have worked as a professor at least in the relevant department or faculty.
Applicant must be a citizen of India, and have a proven track record of leadership and authority in decision making.
In terms of other requirements, the applicant should have at least two years of residual service as on the date of the vacancy i.e. 31st July 2022, i.e. the age of the applicant should not be more than 60 years as on the said date.
In March, IRDA had appointed Debashish Panda as its chairman for a period of three years. Earlier, the post was vacant for a period of more than nine months, with Subhash Chandra Khuntia demitting office in May 2021.