15th October, 2018

FinMin initiates the process to get new IRDA chief

The Insurance Regulatory and Development Authority of India (IRDAI) is set to get its new chairman. The Finance Ministry has initiated the process of selection of a new chairman.

It has invited applications from the prospective candidates. The final selection will be made by the central government on the recommendation of the Financial Sector Regulatory Appointments Search Committee (FSRAC).

However, FSRAC may recommend any other person on the basis of merit too even if he has not applied for the opportunity.

The term for the new chairman would be five years and he shall not hold office beyond 65 years of age. The chairman may be re-appointed.

The applicant must have a residual service of 2 years as on date of vacancy. In other words, he/she shall not be in excess of 63 years as on Feb 21, 2018.

The current chairman of IRDAI is TS Vijayan and his term would end on Feb 21, 2018.