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NEW DELHI: The department of financial services under the ministry of finance has invited applications for the post of whole-time member (life) at insurance regulator, the Insurance Regulatory and Development Authority of India (Irdai).

The finance ministry in January had invited applications for the post of the whole-time member (non-life) at insurance regulator Irdai.

The authority at Irdai is a 10-member team consisting of chairman, five whole-time members and four part-time members, who are all appointed by the government of India.

As per the latest invitation circular, the consolidated pay and allowances of the whole-time member (life) will be 4 lakh per month, without the facility of house and car. The last date for receipt of applications is 15 June.

“The applicant must be a person of ability, integrity and standing who have knowledge or experience in life insurance, general insurance, actuarial science, finance, economics, law, accountancy, administration or any other discipline which, in the opinion of the central government, would be useful to the authority," the circular said.

As per the regulator, the applicant should preferably have at least 25 years of experience in insurance (including life and health insurance), with a minimum of three years’ experience at a senior level, not below the rank of a chief general manager of the Reserve Bank of India or equivalent thereto in other regulatory bodies or financial institutions/insurance companies.

Additionally, a private sector applicant should preferably have worked at the level of functional head at a level which is at least one level immediately below the board level.

Further, an applicant who is an academician should preferably have worked at least as professor in the department or faculty concerned.

The applicant should be a citizen of India, and should have a proven track record of leadership and authority in decision-making.

In terms of other requirements, the applicant should have a minimum of two years of residual service as on the date of vacancy i.e. 31 July 2022, meaning the applicant’s age should not exceed 60 years on the said date.

Irdai in March had appointed Debasish Panda as chairman for a period of three years. Before that, the position was vacant for a period of over nine months, with Subhash Chandra Khuntia having demitted in office in May 2021.

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