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Ref. No: R-16011/02/2012-Ins.I Date: 29-09-2018
Filling up the posts of Whole time Members (Life and Non-Life)

F. No.  R-16011/02/2012-Ins.I

Government of India

Ministry of Finance

Department of Financial Services

***

The Government of India proposes to fill two posts of Whole-Time-Members in the Insurance Regulatory and Development Authority of India (IRDAI) located at Hyderabad in the areas of Life and Non-Life. IRDAI is a statutory regulatory body established under the Insurance Regulatory and Development Authority Act, 1999.

2.  The eligibility conditions prescribed for the posts are as under:-

i) Whole-Time Member in the area of Life Insurance:

(a) Applicants must be persons of ability, integrity and standing who have knowledge or experience in the area of Life Insurance.

(b) The applicants should preferably have at least 25 years experience in the area of Life Insurance with a minimum of 3 years experience at a senior level not below the rank of an Executive Director in a Public Sector Life Insurance Company or its equivalent in other companies.

(c) The applicant should have a minimum 2 years of residual service with reference to the post of Whole-Time-Member in Insurance Regulatory and Development Authority of India as on the last day for receipt of applications, i.e. age should not exceed 60 years on that day.

(d)  Should be a citizen of India.

 

ii) Whole-Time Member in the area of Non Life Insurance:

(a) Applicants must be persons of ability, integrity and standing who have knowledge or experience in the area of Non-Life Insurance.

(b)  The applicants should preferably have at least 25 years experience in the area of Non-Life with a minimum of 3 years experience at a senior level not below the rank of General Manager of Public Sector Non-Life Insurance Company or its equivalent in other compnaies.

(c) The applicant should have a minimum 2 years of residual service with reference to the post of Whole-Time Member in Insurance Regulatory and Development Authority of India as on the last day for receipt of applications, i.e. age should not exceed 60 years on that day.

(d)  Should be a citizen of India.

Elaborating further, applicants should preferably have at least 25 years of work experience in the relevant area, leading to a senior executive or management position in the organization concerned. Government servants should preferably have worked at least at the level of Additional Secretary to the Government of India or its equivalent level in State Governments.  Public Sector officials should preferably have worked at least at one level immediately below the Board level. Applicants from the Regulatory Sector should preferably have worked at least as Executive Director in the regulatory body. Private Sector applicants should preferably have worked at the level of functional head. Academics should preferably have worked at least as Professor in the Department or the faculty concerned. Other professionals should preferably have experience and credentials in their respective professional field which are broadly equivalent to what has been mentioned above. Applicants should have a proven track record of leadership and authority in decision making.

3.       Terms & Conditions: The tenure of appointment to these two posts shall be 5 years from the date of joining office with a provision of reappointment subject to the maximum age of 62 years.  The consolidated pay and allowances of the Whole-time Members shall be Rs.4.00 lakh per month without facility of house and car. 

4.       Government/Public/Regulatory Sector applicants must forward the applications through their Head of department/proper channel. Advance applications may, however, be submitted directly in anticipation of the application through official channels. Applications must be accompanied with:

   i.  Attested copies of Annual Confidential Reports (ACRs) or Annual Performance Appraisal Reports (APARs) of the candidate for last 5 years.

  ii.  Integrity Certificate.

 iii.  Vigilance clearance including certification that no disciplinary proceedings or criminal proceedings are either pending or contemplated against the officer concerned.

 iv.  List of major/minor penalties, if any, imposed on the candidate and, otherwise, a certificate confirming that no penalty has been imposed on the officer during the last 10 years of his service.

 

Non-Government / non-public sector / non regulatory sector applicants may provide equivalent documents to the ones listed above, as applicable to their organizations. 

 

5.       The applications shall be screened by a screening committee and suitable candidates meeting the eligibility shall be shortlisted on the basis of a qualitative assessment for an interaction with the Selection Committee, which will make a recommendation(s) to the Government for the appointment. In making these recommendations, decisions taken by the screening / selection committee shall be final.

 

 

6.       Incomplete applications or applications received after the due date will not be considered.

 

7.       The selected candidate shall be required to resign / retire and be relieved from his / her current employment before joining IRDAI. Restrictions on re-employment as prescribed, after tenure as Whole-time Member, IRDAI, would apply.

8.       The selected candidate must join within 30 days’ from the date of offer of appointment.  This period could be extendable for a further period of 15 days on the request of a candidate subject to approval of competent authority.

9.       If the selected candidate does not join even after the notice or submits unwillingness he would be debarred for 3 years from consideration for appointment in all Autonomous / Statutory / Regulatory Bodies under Government of India.

10.     Application in the enclosed format clearly demonstrating eligibility against each requirement, along with brief bio-data and one passport size photograph, should be sent in closed cover super scribed with the words “Application for the post of Whole-time Member (life) or Whole-time Member (Non-Life), IRDAI” (as the case may be) to reach the address given below by 5.30 P.M. on 29th October 2018.

Shri  Mritunjay Singh

Under Secretary to the Government of India

2nd Floor, Jeevan Deep Building

Parliament Street, New Delhi - 110001

FAX: 011 - 23344605


 

 

 

  
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