The Indian government has initiated the search for suitable candidates to fill two important posts within the Insurance Regulatory and Development Authority of India (IRDAI) well in advance. This proactive step marks the first time the government has sought candidates for these top positions ahead of time, as the regulator typically appoints replacements several months after an official’s retirement.
The two positions that need to be filled are Members—Finance and Investment, and Actuary—at the Hyderabad-based IRDAI. Rakesh Joshi, the current Member for Finance and Investment, is set to retire on December 2, 2023, having reached the age of 62. Parmod Kumar Arora, the current Member for Actuary, will complete his three-year tenure on January 4, 2024, at the age of 58.
Previously, the IRDAI Chairman, Debasish Panda, was appointed approximately nine months after his predecessor’s retirement. However, the government’s early search for replacements indicates a shift in approach towards ensuring a smoother transition for key positions within the regulatory authority.
The IRDAI, currently chaired by Debasish Panda, has five members in total. Before Panda’s appointment in March 2022, senior officials from public sector insurance companies were typically preferred for these roles, except for the position of Actuary. Panda, however, brought in a new trend by seeking dynamic professionals from the private sector as members, resulting in the appointment of Rakesh Joshi from SBI Caps and Thomas Devasia from an international insurance broking firm, Marsh India.
Nevertheless, a former Managing Director of Life Insurance Corporation, BC Patanaik, was unexpectedly appointed as Member (Life) in April after the position had remained vacant for almost a year. It remains to be seen whether public sector unit officials will be considered for the two posts of Members—Finance and Investment, and Actuary.
The eligibility criteria for these positions require applicants to have a minimum of two years of residual service as of the date of vacancy, and the applicant’s age should not exceed 60 years on that date. The last date for receiving applications for both posts is August 10. A Whole-time Member at IRDAI receives consolidated pay and allowances of Rs 4 lakh per month.
For the Member (Actuary) position, preference is given to applicants who are Fellows of the Institute of Actuaries of India (IAI) or have equivalent qualifications from other international actuarial institutes.
Both positions require applicants to have at least 25 years of experience in the field of finance and investment, with a minimum of three years’ senior-level experience, not below the rank of a chief general manager of the Reserve Bank of India or equivalent in other financial institutions or regulatory bodies. Government applicants should have worked at least at the level of Additional Secretary to the Government of India or an equivalent level. Public sector officials should have worked at a level at least one rank below the board, while private sector applicants should have held a functional head position below the board level. Additionally, academicians are preferred to have served as professors in the relevant department or faculty.
In conclusion, the government’s early search for replacements in the IRDAI is aimed at ensuring a smooth transition and potentially opening up opportunities for candidates from diverse backgrounds, including the private sector, to serve in these significant regulatory roles.
