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- Finance Ministry Invites Applications for IRDAI Chairman Post, Salary Rs 5.62 Lakh
New Delhi3 minutes ago
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The Finance Ministry has recruited as the chairman of the Insurance Regulatory Development Authority (IRDAI). For this, the ministry has sought applications. The last date to submit the application for this post is 6 April 2025.
In fact, the term of Debashish Panda, the current chairman of IRDAI, ends on 13 March. This is the reason why the ministry has sought applications.
Panda took over as the chairman of IRDAI on 14 March 2022 for a period of three years. Apart from this, Panda has also worked as a secretary in the Department of Financial Services under the Finance Ministry.
Applicant should have 30 years of experience
According to IRDAI’s advertisement notification, applicants i.e. applicants should have at least 30 years of relative work experience. Apart from this, the application should be worked as a secretary in the Government of India or its equal level or state government or other institutions.
Applicants should have a track record of authority and leadership in Decision Making. At the same time, private sector applicants should have experience of working on the post of CEO or equal level of a big financial institution.
Applicant should not be more than 63 years old
It has been told in the notification that till the date of vacancy, the applicant should have at least two years of service remaining. Apart from this, the age of the applicant should not be more than 63 years on that date.
IRDAI chairman will be given ₹ 5.62 lakh salary
IRDAI chairman will be given a salary of Rs 5.62 lakh without the facility of house and car. According to the provisions of the Insurance Regulatory and Development Authority Act 1999, no person can hold the post of chairman after the age of 65 years.
The notification states that the government reserves the right to cancel or withdraw the appointment process and selection at any stage due to administrative educational essentials. This appointment will be done by the Central Government on the recommendation of the financial sector regulatory appointment search committee.
Apart from the people applying for the post of committee, it is also free to identify and recommend another person on the basis of merit. In the case of best candidates, the committee may also recommend exemption in eligibility, qualification and experience Criteria.
