Hunt on for the next IRDAI chief

The process of appointing the next chief at the Insurance Regulatory and Development Authority of India (IRDAI) has commenced.

The position will fall vacant on February 21, 2018, when its present Chairman, TS Vijayan, demits office after completing five years.

According to the Insurance Regulatory and Development Authority Act, 1999, the chairperson of the authority will hold office for a term of five years, and is entitled to a consolidated salary of ₹4.5 lakh per month without housing and car facilities.

According to a notification issued by the Department of Financial Services, Ministry of Finance, Govt of India, an applicant should have at least 30 years of work experience, and he/she should have worked as Secretary to the government of India or in its equivalent position either at a Central or State institution.

The post is also open to experts from the private sector who have worked as CEO in a large financial institution.

The appointment will be made by the government of India on the recommendation of the Financial Sector Regulatory Appointments Search Committee.

Key phase

TS Vijayan, who was the head of LIC before his present assignment, had witnessed many changes in the insurance sector, such as the increase in FDI limit from 26 per cent to 49 per cent and the public listing of life and general insurers, among others.

The new incumbent will have challenges such as making the digitisation of insurance services complete, and ensuring fair industry practices with more and more insurers going public.