𝐅𝐢𝐧𝐚𝐧𝐜𝐞 𝐌𝐢𝐧𝐢𝐬𝐭𝐫𝐲 𝐢𝐧𝐯𝐢𝐭𝐞𝐬 𝐚𝐩𝐩𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬 𝐟𝐨𝐫 𝐈𝐑𝐃𝐀𝐈 𝐂𝐡𝐚𝐢𝐫𝐦𝐚𝐧 𝐩𝐨𝐬𝐭

The Ministry of Finance, Government of India, has invited applications for the position of Chairperson of the Insurance Regulatory and Development Authority of India (IRDAI), as the tenure of the current Chairperson, Shri Debasish Panda, is set to end on March 13, 2025.

𝑬𝒍𝒊𝒈𝒊𝒃𝒊𝒍𝒊𝒕𝒚:

1. The applicant must be a person of ability, integrity, and standing with knowledge or experience in life insurance, general insurance, actuarial science, finance, economics, law, accountancy, administration, or any other discipline useful to IRDAI.

2. The applicant should have at least 30 years of relevant experience. Government applicants must have held the post of Secretary to the Government of India or equivalent.

3.  Private sector applicants must have served as CEO or equivalent of a large financial institution.

4.  The applicant should be a citizen of India and must have a minimum of two years of residual service as on March 14, 2025, and should not exceed 63 years of age.

𝐓𝐞𝐧𝐮𝐫𝐞: The Chairperson will be appointed for a period of five years or until attaining 65 years of age, whichever is earlier.

The last date for submitting applications is 𝐀𝐩𝐫𝐢𝐥 6, 2025.

𝐀𝐩𝐩𝐥𝐢𝐜𝐚𝐛𝐥𝐞 𝐑𝐞𝐠𝐮𝐥𝐚𝐭𝐨𝐫𝐲 𝐅𝐫𝐚𝐦𝐞𝐰𝐨𝐫𝐤: As per Chapter II of the Insurance Regulatory and Development Authority of India Act, 1999, (IRDAI Act) Section 4 provides that the Authority shall consist of a Chairperson, up to five whole-time members, and up to four part-time members, appointed by the Central Government from individuals with expertise in life insurance, general insurance, actuarial science, finance, economics, law, accountancy, administration, or other relevant fields.

Section 5 prescribes the tenure of office, stating that the Chairperson and whole-time members shall hold office for five years and may be reappointed, subject to an age limit of 65 years for the Chairperson and 62 years for whole-time members. Part-time members may serve for a maximum term of five years. Additionally, members may resign by giving three months’ written notice to the Central Government or be removed in accordance with the Section 6 of the IRDAI Act.

A copy of the Official Notification alongwith the Application Form is enclosed below.