Govt begins process to appoint two whole-time members at IRDAI as current officials' term ends next year

The government has initiated the process to appoint two whole-time members at the Insurance Regulatory and Development Authority of India (IRDAI)

The appointments are for the posts of member-distribution and member-actuary as the term of the current members, Sujay Banarji (distribution) and Pournima Gupta (actuary), will end in 2020, said a report in Moneycontrol.

The member-actuary supervises pricing-related matters of the insurance companies and member-distribution takes care of insurance sales channels and regulations pertaining to that segment, said the report. The posts have a tenure of maximum period of five years or up to 62 years of age, whichever is earlier, according to IRDAI website.

The applicants should not be less than 50 years of age. They should preferably have at least 25 years of work experience in the relevant area, leading to a senior executive or management position in the organisation concerned. The consolidated pay and allowances of the members have been fixed at Rs 4 lakh per month without the facility of house and car.

The selected candidates have to quit their current employment before joining IRDAI. The selected candidate must join within 30 days from the date of the offer of appointment. This period could be extendable for a further period of 15 days on the request of a candidate subject to the approval of the competent authority.

However, if the selected candidate does not join even after the notice or submits unwillingness he or she would be debarred for three years from consideration for appointment in all autonomous and statutory or regulatory bodies under the government. Govt begins process to appoint two whole-time members at IRDAI as current officials' term ends next year.

Source: First Post