The Finance Ministry has announced an invitation for applications to fill the position of Chairperson of the Insurance Regulatory and Development Authority of India (IRDAI), as the current chairperson, Mr. Debasish Panda, is set to complete his term on March 13, 2025. The deadline for submitting applications is April 6, 2025.
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Mr. Panda, who previously served as Secretary in the Department of Financial Services under the Finance Ministry, assumed the role of IRDAI Chairman on March 14, 2022, for a three-year term.
According to the advertisement issued by the IRDAI, applicants for the position should ideally have at least 30 years of relevant experience. Candidates should have held positions such as Secretary to the Government of India, or its equivalent, or served at a similar level in state governments or other institutions. A proven track record of leadership and decision-making authority is also required.
For applicants from the private sector, a background as a CEO or equivalent of a large financial institution is necessary. Additionally, applicants must have at least two years of residual service remaining as of the vacancy date, and their age should not exceed 63 years on that date.
The notification further clarified that, according to the Insurance Regulatory and Development Authority Act of 1999, no individual can hold the position of Chairperson after reaching the age of 65.
Regarding remuneration, the IRDAI Chairperson is entitled to a consolidated salary of Rs 5.62 lakh per month, with no additional benefits such as housing or a car.
The Government reserves the right to cancel or withdraw the selection and appointment process at any stage, without providing reasons, should administrative exigencies arise. The appointment will be made by the Central Government following the recommendation of the Financial Sector Regulatory Appointment Search Committee. The committee may also choose to recommend any individual, based on merit, who has not applied. In exceptional cases, the committee can recommend relaxation of eligibility criteria for outstanding candidates.
