New Delhi: The government has started the search for a successor to Insurance Regulatory and Development Authority (IRDA) Chairman J Hari Narayan, who will retire in February next year.

The pay and allowance of the new chairperson will be Rs 3.75 lakh per month without the facility of accommodation and car.

The tenure of the chairperson would be for five years or till the selected candidate attains the age of 65 years.

IRDA is responsible to regulate, promote and ensure orderly growth of the insurance business and re-insurance business.

Hari Narayan took over as IRDA chairman in June 2008. The post will fall vacant on February 21, 2013.

Under Hari Narayan, IRDA has taken several important steps, including guidelines for listing of life insurance companies on stock exchanges, doing away with third party motor insurance pool and introducing portability of health insurance, for growth of the sector.

The last date for applying for the post is November 7.

A search committee shortlist eligible candidates for the post and a final decision is taken by the Cabinet Committee on Appointments. The selection of IRDA chairperson is decided by a search committee.

Members of the committee include Department of Financial Services Secretary D K Mittal and former SBI Chairman O P Bhatt.


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