The Finance ministry has initiated the process of selection of a new chairman for the Insurance Regulatory and Development Authority of India (IRDAI). Inviting applications from prospective candidates, the Ministry said the appointment will be made by the central government on the recommendation of the Financial Sector Regulatory Appointments Search Committee (FSRASC).
“It may, however, be noted that the FSRASC is free to identify and recommend any other person also, on the basis of merit, who has not applied for the post,” it said. The five-year term of current chairman, TS Vijayan, will end on February 21, 2018.
The chairperson should hold office for 5 years from entering office and should not hold office beyond 65 years of age. He is eligible for re-appointment. The applicant should have a minimum 2 years of residual service as on date of vacancy i.e. not in excess of 63 years as on February 21, 2018.