If you are eligible to become the chairman of the Insurance Regulator and Insurance Regulator and Development Authority (IRDAI) of the country, then you can submit the application form by 6 April. Yes, the Finance Ministry has invited applications to fill the post of President of IRDAI. According to PTI news, the term of the current chairman Debashish Panda ends on 13 March. The last date for submission of applications for the post is April 6, 2025. According to the news, Debashish Panda took over as the President of IRDAI on March 14, 2022 for a period of three years. He has worked as Secretary in the Department of Financial Services under the Finance Ministry.
What is eligibility
Notifications related to an advertisement issued by IRDAI states that applicants should have at least 30 years of relevant work experience. He should work as a secretary in the Government of India or its equivalent level or state government or other institutions. Also, applicants should have a proven track record of leadership and rights in taking decisions. Private sector applicants should work as CEO or equivalent of a large financial institution. Also, the applicant should have at least two years of service remaining till the date of vacancy and the age of the applicant should not be more than 63 years on that date.
Salary of Rs 5.62 lakh per month
According to the provisions of the Insurance Regulatory and Development Authority Act, 1999, no person can hold the post of president after achieving 65 years of age. According to the notification, IRDAI Chairman (Chairman) will get a salary of Rs 5.62 lakh per month without the facility of home and car. It should also be understood here that the government reserves the right to cancel or withdraw the selection and appointment process at any level due to administrative imperatives.
Appointment will be made by the Central Government
According to the notification, this appointment will be made by the Central Government on the recommendation of the Financial Sector Regulatory Appointment Search Committee. It states that apart from the persons applying for the post of committee, it is also free to identify and recommend another person on the basis of merit. In relation to outstanding candidates, the committee may also recommend exemption in eligibility, qualification and experience norms.
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