The applicant should not be below the rank of a Chief General Manager of the Reserve Bank of India or equivalent thereto in other financial institutions or regulatory bodies, it said.
The department, under the finance ministry, said the applicant should have a minimum of two years of residual service as on the last date for receipt of applications, which means the applicant’s age should not exceed 60 years on the said date.
The term of the office of the member will be in accordance with the Insurance Regulatory and Development Authority Act.
No person will hold the office of the Whole Time Member after attaining the age of 62 years, it added.
On salary and allowances, the member will be entitled to consolidated pay and allowances of Rs 4 lakh per month without the facility of house and car.
Applications can be submitted till April 4.
Irdai (Insurance Regulatory and Development Authority of India) has a ten-member team led by the Chairman alongside five Whole Time Members and four Part Time Members, which are being filled by the government.
The current Whole Time Member (Finance and Investment) Pravin Kutumbe assumed charge on March 12, 2018.
S N Rajeswari, Member (Distribution); Pramod Kumar Arora, Member (Actuary); K Ganesh, Member (Life) and T K Alamelu, Member (Non-Life) are the other four Whole Time Members of the authority.