The process of appointing new members to the life and non-life divisions at the Insurance Regulatory and Development Authority of India (IRDAI) has commenced.

At present, Nilesh Sathe and PJ Joseph are members of life and non-life areas, respectively, and are set for superannuation.

While Sathe had joined the regulator’s team in July 2015, Joseph assumed charge in March 2016.

In a notification, the Government of India has called for applications to fill two posts of whole-time members.

Eligibility

To be eligible for appointment as members, the applicants should preferably have at least 25 years of experience in their respective areas, with a minimum of three years of experience at a senior level and not below the rank of an executive director in a public sector life insurance company or its equivalent in other companies.

They should also have a minimum two years of residual service (age should not exceed 60 years).

The tenure of appointment to these two posts shall be five years from the date of joining office, with a provision for reappointment, subject to the maximum age of 62 years.

Pay, allowances

The consolidated pay and allowances of the whole-time members shall be ₹4 lakh per month without house and car facilities.

The IRDAI is a 10-member body with a chairman, five whole-time members, and four part-time members. The whole-time members play a key role in policy-making as in-house experts.

Related Topics