Finance Ministry invites applications for two IRDAI member posts

The Ministry of Finance (Department of Financial Services) has invited applications for the post of two whole-time members at the Insurance Regulatory and Development Authority of India (IRDAI).

The vacancies are for the posts of member-distribution and member-actuary. While member-actuary is involved in pricing related matters of insurance companies, member-distribution looks after insurance sales channels and regulations pertaining to that segment.

The tenure of incumbents, Sujay Banarji (distribution) and Pournima Gupta (actuary), ends in 2020.

For the post of member-actuary, the individual is required to have a minimum of five years work experience in actuarial roles and must have two years of residual service as on January 13, 2020.

Public sector applicants are also required to furnish details of the annual performance appraisal reports for the past five years.

To ensure that the candidate’s background is clear, a list of major/minor penalties imposed on them also needs to be furnished. If a candidate has no penalty records, a separate certificate confirming this has to be submitted through the department head where they are currently employed.

For the post of member-distribution, a candidate needs to have a minimum of 15 years of field experience.

The minimum age for eligibility of application is 50 years. All candidate also need to submit a vigilance clearance certificate stating that no disciplinary or criminal proceedings are pending against them.

For both the job vacancies, the pay will be Rs 4 lakh per month, without the facility of house and car.

After selection, if a candidate is unwilling to join, they will be debarred from applying for all government positions for three years. The last date to apply for the positions is November 25.