The Centre has set in motion the process of identifying next Chairperson of the Insurance Regulatory and Development Authority of India (IRDAI) with incumbent Debasish Panda’s three-year term coming to end in a few days.
The applicant should have a minimum of two years residual service as on date of vacancy, which is March 14, 2025, the Union Finance Ministry’s Department of Financial Services said, inviting applications. As per provisions governing the terms of office, no one can hold the office of Chairperson on attaining 65 years of age. The consolidated pay and allowances for the post is ₹5,62,500 per month without house and car.
The candidate should be a person of ability, integrity and standing with knowledge or experience in life or general insurance, actuarial science, finance, economics, law, accountancy, administration or a discipline that, in the Centre’s opinion, will be useful to the Authority.
The applicant should preferably have at least 30 years of relevant work experience, worked as Secretary to the Government of India or State governments or other institutions. The candidate should have a proven track record of leadership and authority in decision-making.
Applicants from the private sector should have worked as CEO or equivalent of a large financial institution, the DFS said, fixing April 6 as last date for receipt of applications. The Centre will be making the appointment on the recommendation of the Financial Sector Regulatory Appointment Search Committee.
A 1987 batch IAS officer of Uttar Pradesh cadre, Mr. Panda served in various posts in the State and at the Centre. Prior to his joining IRDAI on March 14, 2022, he was DFS Secretary. During his tenure, IRDAI mooted Bima trinity – composite insurance cover Bima Vistaar; women-centric insurance field sales force Bima Vahak and insurance e-marketplace Bima Sugam. Their launch dates are yet to be announced.
In recent years, IRDAI had undertaken major revamp of regulations as facilitation measures for insurers and towards achieving the Insurance for All by 2047 goal. The top and whole time members posts remaining vacant for weeks or months after the incumbent’s term is not uncommon. Mr. Panda was appointed Chairman about 10 months after his predecessor Subhash C. Khuntia relinquished charge in May 2021. IRDAI is a 10-member team at the top comprising the Chairman, five whole-time members, and four part-time members.
According to the regulator’s website, there are four whole-time members, while the post of Member Life is vacant. There are two part-time members.
Published – March 10, 2025 08:47 pm IST
