Irdai begins process to find President Khuntia’s successor

NEW DELHI: The Insurance Regulatory and Development Authority (Irdai) on Friday launched the process to find a successor to Subhash Chandra Khuntia, seeking nominations for the post of president.

Khuntia took office as president in May 2018. An officer of the IAS of Karnataka cadres from 1981, he has held several positions in various departments of the central government.

He holds a doctorate and has postgraduate degrees in economics, computer science, physics, sociology, political science and philosophy. He also has a law degree.

Khuntia has overseen one of the most difficult times for the insurance industry, as the coronavirus pandemic has claimed more than two million lives in the past year.

To ease the pain of policyholders, the insurance regulator introduced a phased payment option for premium payment, telemedicine guidelines as well as covid-specific Corona Kavach and Corona Rakshak policies, among other initiatives, during the last year.

According to the Irdai circular published on April 30, the remuneration and consolidated indemnities of the chairman will be 4.50 lakh per month, without the installation of a house and a car.

A candidate should have knowledge or experience in life insurance, general insurance, actuarial science, finance, economics, law, accounting and administration.

Applicants must have at least 30 years of work experience, having worked as a government secretary.

If applying from the private sector, applicants must have worked as a managing director or equivalent of a large financial institution.

The applicant must have at least two years of residual service as of May 7, which means that the age of the applicant must not exceed 63 years on that date.

The last date for receipt of applications is May 29, 2021.

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