IRDAI has released notification for recruitment of candidates to the post of IRDAI Chairperson. All details related to this recruitment are given below.
1. Qualifications and experience:
a. The applicant must be a person of ability, integrity and standing who has knowledge or experience in life insurance, general insurance, actuarial science, finance, economics, law, accountancy, administration or any other discipline which would in the opinion of the Central Government be useful to the Authority.
b. The applicant should be a citizen of India.
Elaborating further:
i. The applicants should preferably have at least 30 years of relevant work experience, should have worked as Secretary to Government of India or its equivalent level in Government of India or State Government or other institutions, and should have had a proven track record of leadership and authority in decision-making.
ii. Applicants from the private sector should have worked as CEO or equivalent of a large financial institution.
2. Age:
The applicant should have a minimum of two years of residual service as on the date of vacancy i.e. 14.03.2025, i.e. the applicant’s age should not exceed 63 years on the said date.
3. Salary and allowances:
Consolidated pay and allowances of the Chairperson shall be Rs. 5,62,500/- per month, without the facility of house and car. Other terms and conditions of service of the Chairperson shall be governed by the Insurance Regulatory and Development Authority (Salary and Allowances payable to and other Terms and Conditions of Service of Chairperson and other Members) Rules, 2000.
4. Term of office:
The term of office of the Chairperson shall be in accordance with the relevant provisions under the Insurance Regulatory and Development Authority Act, 1999 and the decision of the appointing authority in this regard, provided that no person shall hold office as Chairperson after attaining the age of sixty-five years.
5. Submission of application:
Applications duly filled in prescribed format, together with the applicant’s curriculum vitae, one passport-size photograph, and the names and contact details of three references, should be sent in a closed cover, superscripted “Application for Chairperson, Insurance Regulatory and Development Authority of India”, to:
Shri. Abdul Gufran
Under Secretary to the Government of India
Ministry of Finance
Department of Financial Service
Room No. 10, Jeevan Deep Building, 2nd floor
Sansad Marg, New Delhi – 110001
Tel.: 011 23748788
6. Last date for receipt of applications:
06th April 2025
Notes:
(i) The Ministry of Finance, Department of Financial Services will, in no case, be responsible for non-receipt of applications or any delay in receipt thereof.
(ii) The appointment shall be made by the Central Government on the recommendation of the Financial Sector Regulatory Appointment Search Committee. The committee is also free to identify and recommend, based on merit, any person other than those who have applied for the office. In respect of outstanding candidates, the committee may also recommend relaxation in eligibility and qualifications and experience criteria.
(iii) 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 therefor.
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