Govt invites applications for IRDAI chief as Debasish Panda’s term nears end

The Government of India has officially invited applications for the position of Chairperson of the Insurance Regulatory and Development Authority of India (IRDAI). The crucial role, which oversees the country's insurance sector, will become vacant on March 14, 2025, as the incumbent, Debasish Panda, completes his three-year term. Eligible candidates can apply before the deadline of April 6, 2025.

Debasish Panda, a senior Indian Administrative Service (IAS) officer from the 1987 Uttar Pradesh cadre, has held various key positions at both the state and central levels. Before assuming charge as Chairperson of IRDAI on March 14, 2022, he served as the Secretary of the Department of Financial Services (DFS), Government of India.

Eligibility Criteria

Candidates must be Indian citizens with a background in insurance (life or general), actuarial science, finance, economics, law, accountancy, or administration. Those from the public sector should have served at the level of Secretary to the Government of India or an equivalent position, while private-sector applicants must have held CEO or equivalent roles in large financial institutions.

Applicants should have a minimum of 30 years of experience in relevant fields, along with a proven record of leadership and decision-making. Additionally, they should have at least two years of residual service as of March 14, 2025, meaning they should not be older than 63 years on that date, according to the IRDAI circular.

Compensation and Tenure

According to the circular, the Chairperson will receive a consolidated monthly salary of ₹5,62,500, excluding perks such as government-provided housing and transport. The tenure will align with the provisions of the Insurance Regulatory and Development Authority Act, 1999, and no individual can serve beyond the age of 65 years.

Selection Process

Interested individuals need to submit their applications in the prescribed format, along with a resume, a passport-size photograph, and three references. The Financial Sector Regulatory Appointment Search Committee (FSRASC) will review the applications and may also identify and recommend outstanding candidates who have not applied. In exceptional cases, the committee may recommend relaxations in the eligibility criteria.

The Ministry of Finance reserves the right to withdraw or modify the selection process at any stage without prior notice. For more details, candidates can refer to official notifications issued by the Department of Financial Services, Ministry of Finance, as stated in the IRDAI circular.

Background

In recent years, the IRDAI has implemented significant regulatory reforms aimed at simplifying processes for insurers and advancing its ambitious "Insurance for All by 2047" mission. However, leadership vacancies at the highest levels have often persisted for extended periods.