The Modi government has invited applications for the post of Chairperson at the Insurance Regulatory and Development Authority of India (IRDAI). The tenure of the current Chairperson, Debasish Panda (IAS:1987:UP), ends on March 13, 2025. So, now it is clear that Mr Panda is not going to get any extension.
As per the notification from the Department of Financial Services, Ministry of Finance, the deadline for the submission of applications is April 6. In its advertisement, the department has sought applications from individuals with “knowledge or experience in life insurance, general insurance, actuarial science, finance, economics, law, accountancy, administration or any other discipline.”
The candidate should have a minimum 30 years of relevant work experience and must have worked as Secretary to the Government of India or in an equivalent position with the government with “proven track record of leadership and authority in decision making”. Applicants from the private sector are expected to have worked as CEO or in an equivalent position in a prestigious financial institution.
After taking charge in March 2022, Panda oversaw significant reforms in India’s insurance sector to facilitate growth, including the shift to principle-based regulations, the transition to a ‘use and file’ system, and new Expense of Management (EoM) Regulations apart from revising the Surrender Value norms mandating insurers to pay a special surrender value after policyholders have completed the full premium payment for the first year.
Before becoming IRDAI Chairperson, Panda also served as the Financial Services Secretary and Additional Secretary looking after insurance and financial inclusion.
