The Insurance Regulatory and Development Authority (Irdai) on Friday started the process to find a successor to Subhash Chandra Khuntia, inviting applications for the post of chairperson. Khuntia had assumed the office of the chairperson in May 2018. A Karnataka cadre IAS officer of the 1981 batch, he has held several posts in various departments at the central government.

He is a Ph D scholar and has post-graduate degrees in economics, computer science, physics, sociology, political science, and philosophy. He is also a graduate in Law. Khuntia has overseen one of the most challenging periods for the insurance industry, with the coronavirus pandemic having claimed over two million lives over the past year.

To ease policyholders’ pain, the insurance regulator introduced an installment option for premium payment, guidelines on telemedicine as well as covid-specific Corona Kavach and Corona Rakshak policies, among other initiatives, over the past year.

According to the Irdai circular issued on 30 April, consolidated pay and allowances of the chairperson will be Rs 4.50 lakh per month, without the facility of a house and car. An applicant must have knowledge or experience in life insurance, general insurance, actuarial science, finance, economics, law, accountancy, and administration.

Applicants should have at least 30 years of work experience, having worked as a secretary to the government. If applying from the private sector, applicants should have worked as a chief executive officer or the equivalent of a large financial institution.

The applicant should have a minimum of two years of residual service as on 7 May, meaning the applicant’s age should not exceed 63 years on the said date. The last date for the receipt of the application is 29 May, 2021.