Finance Ministry invites applications for IRDAI Chairman post

The Finance Ministry has invited applications to fill up the post of Insurance Regulatory and Development Authority of India (IRDAI) Chairperson, as the incumbent chief Debasish Panda’s term ends on March 13.

Last date for submission of applications for the post is April 6, 2025.

Mr. Panda, who had served as secretary in the Department of Financial Services under the Finance Ministry, took charge as IRDAI Chairman on March 14, 2022, for a three-year period.

As per an advertisement notification issued by the IRDAI, the applicants should preferably have at least 30 years of relevant work experience, should have worked as Secretary to the Government of India or its equivalent level or State Government or other institutions.

Applicants should have had a proven track record of leadership and authority in decision-making, it said.

Applicants from the private sector should have worked as CEO or equivalent of a large financial institution, it said.

The applicant should have a minimum of two years of residual service as on the date of vacancy and the applicant’s age should not exceed 63 years on the said date, it added.

As per the provisions under the Insurance Regulatory and Development Authority Act, 1999, no person shall hold office as Chairperson after attaining the age of sixty-five years.

Regarding pay, the notification said, IRDAI chairperson is entitled to a consolidated salary of Rs 5.62 lakh per month, without the facility of house and car.

The government reserves the right to cancel or withdraw the selection and appointment process at any stage due to administrative exigencies, if any, without assigning any reasons therefore, the notification said.

The appointment would be made by the Central Government on the recommendation of the Financial Sector Regulatory Appointment Search Committee, it said. The committee is also free to identify and recommend, based on merit, any person other than those who have applied for the office, it said.

In respect of outstanding candidates, the committee may also recommend relaxation in eligibility and qualifications and experience criteria, it added.