The applicant should not be below the rank of a Chief General Manager of the Reserve Bank of India or equivalent that place in other financial institutions or regulatory bodies, it said.
The department, under the finance ministry, said the applicant should have a minimum of two years of residual service as of the date of vacancy, that is March 4, 2024, and the applicant’s age should not exceed 60 years on the said date.
The term of the office of the member will be in accordance with the Insurance Regulatory and Development Authority Act. No person will hold the office of the Whole Time Member after attaining the age of 62 years, it added.
Currently, the Insurance Regulatory and Development Authority of India (Irdai) Member (Distribution) is S N Rajeswari. On salary and allowances, the member will be entitled to consolidated pay and allowances of Rs 4 lakh per month without the facility of a house and a car. The last date for submitting applications is October 30, 2023. Irdai has a ten-member team led by the Chairman alongside five Whole Time Members and four Part-Time Members, which are being filled by the government.
The regulatory body is led by Chairman Debasish Panda, with five Whole-Time Members, including Member (Non-Life) Thomas Devasia, Member (Life) B C Patnaik, Member (Actuary) Pramod Kumar Arora, Member (Finance and Investment) Rakesh Joshi.
