The government has started looking for suitable candidates to fill the two posts of Members — Finance and Investment and Actuary for IRDAI nearly six months in advance.
It is for the first time the government has started looking for the top posts in IRDAI much in advance. The regulator usually gets a replacement several months after the retirement of an official. The current IRDAI Chairman Debasish Panda was appointed nearly nine months after his predecessor retired.
Rakesh Joshi, Member, Finance and Investment, IRDAI, who had joined on March 22, 2022, will be retiring on December 2, 2023 after reaching 62. Parmod Kumar Arora, member, Actuary, IRDAI, who had joined on Jan 4, 2021 will be completing his three-year tenure on Jan 4, 2024. Arora will be 58 at the time of completing his three-year stint at the IRDAI.