IRDAI chairman post likely to see public sector insurance CEO applicants

Insurance Regulatory and Development Authority of India (IRDAI) Chairman's position will fall vacant on February 21, 2018. Sources said that large public sector insurance company chairman and managing directors (CMD) of life and general insurance will be deemed applicants for the post.

The Finance Ministry had in November invited applications to fill up the post of Irdai chairperson, which is set to fall vacant post retirement of TS Vijayan in February. Sources said that the retired chairman of a large public sector bank may also apply.

As per the eligibility criterion, the applicant shall not hold office beyond 65 years of age. However, the person would be eligible for reappointment and should have a minimum of 2 years of residual service on the date of vacancy or not more than 63 years of age on February 21, 2018.

While not all applicants may have five years of service left, they may be allowed to apply by the ministry. Sources also indicated that the government will also nominate senior IAS officials to apply for the post.

The last date to apply for the post is December 27, 2017. The government notification also said that they can also nominate eligible candidates for the post.

The applicant is required to have at least 30 years of work experience and should have served as secretary to government or at equivalent level in other institutions.

Applicants from private sector can also apply for the post and should have worked as a CEO or equivalent of a large financial institution, the notification said.