The government has invited applications for the position of chairperson at the Insurance Regulatory and Development Authority of India (IRDAI) as the tenure of the current chairman, Debasish Panda, will conclude on March 13, 2025. The deadline for the submission of applications is April 6, per the notification from the Department of Financial Services, Ministry of Finance. This ends the speculation on a possible extension for Debasish Panda.
In the notification, the ministry said, “Inviting applications for appointment to the post of Chairperson in the Insurance Regulatory and Development Authority of India (IRDAI). The Insurance Regulatory and Development Authority of India (IRDAI) has been established under the Insurance Regulatory and Development Authority Act, 1999.”
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The selected candidate, per the notification, will serve a three- year term and the role is based in Hyderabad where IRDAI is headquartered.
The ministry notification stated that the consolidated pay and allowances for the new chairperson have been set at Rs 5,62,500 per month, without the facility of house and car.
Debasish Panda was appointed as the chairman of IRDAI in March 2022 after serving as the Secretary, Department of Financial Services, Ministry of Finance. His tenure ends on March 13, 2025.
In the interim, one of the existing IRDAI members is expected to take charge. With India’s long-term goal of ‘Insurance for All by 2047’ that aims to expand insurance penetration across India, the selection process and the appointment of the next IRDAI chairperson will be closely watched.
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