The finance ministry has invited applications for the post of IRDAI chairperson as incumbent Debasish Panda’s term ends on March 13. The last date to apply is April 6, 2025.
Panda, who became IRDAI chairman on March 14, 2022, played a key role in advancing the government’s “Insurance for All” vision by 2047.
His tenure introduced reforms such as use-and-file for insurance products, increased private equity investments, higher surrender values for policyholders, and rationalised management expenses.
The Bima Trinity concept — Bima Sugam (a unified insurance platform), Bima Vistar (bundled insurance policy), and Bima Vaahaks (women-centric grassroots workforce) — was also launched.
The new chairman will have to continue driving reforms, including 100 per cent FDI in insurance and composite licences. According to IRDAI’s advertisement, applicants should ideally have 30 years of relevant work experience and have served as a government secretary or equivalent. Private sector applicants must have held CEO-level roles in large financial institutions.
Candidates should have at least two years of residual service and be under 63 years old as of the vacancy date. The role offers a monthly salary of ₹5.62 lakh, excluding house and car facilities.
The appointment will be made by the central government based on the Financial Sector Regulatory Appointment Search Committee’s recommendations, which may also consider candidates outside the applicant pool. The government reserves the right to modify or cancel the selection process if necessary.