Former IAS officer Subhash Chandra Khuntia is the new chairman of the Insurance Regulatory and Development Authority of India (IRDAI).
On Tuesday, the Appointments Committee of Cabinet (ACC) approved the appointment of Mr.Khuntia to the post of chairperson of the insurance regulator. His appointment will be for a period of three years or till the age of 65 years, whichever is the earliest, the order said.
A 1981 batch IAS officer of the Karnataka cadre, Mr. Khuntia served as the Chief Secretary to the State government. His appointment comes over two months after the previous chairman T.S.Vijayan retired on completion of his five year term in February.
Union Finance Ministry's Department of Financial Services had in November, set in motion the process of appointing the next chairman with an advertisement, in which it said the post is falling vacant on February 21.
The Chairperson IRDAI is entitled to a consolidated salary of Rs.4.5 lakh per month, without facility of house and car, it had said.The applicant should have a minimum two years of residual service as on date of vacancy i.e. not in excess of 63 years of age as on 21.02.2018.
A native of Jagatshingpur, Odisha, Mr. Khuntia is November 1957 born. According to sources, at least eight persons were shortlisted for the post, including the head of public sector insurance companies as well as a Member of the insurance regulator.
