The Financial Sector Regulatory Appointment Search Committee (FSRASC) headed by the Cabinet Secretary has interviewed about eight candidates shortlisted for the IRDAI Chairman's post that has fallen vacant since 21 February.
Former Corporate Affairs Secretary Tapan Ray and former Chief Secretary of Karnataka Subhash Chandra Kuntia are tipped as front runners for the top job at the insurance regulator, reported Press Trust of India citing sources.
The position fell vacant when Mr TS Vijayan retired as Chairman on 20 February when his five-year term expired.
The FSRASC, which conducted the interviews on 5 March, will recommend the selected candidate to the Ministry of Finance, which will make the final call.
Under the regulations, the IRDAI Chairman shall not hold office beyond the age of 65 years. However, the person would be eligible for reappointment and should have a minimum two years of residual service on the date of vacancy or not be more than 63 years of age as at 21 February 2018.
The applicant is required to have at least 30 years of work experience and should have served as a secretary in the government or in an equivalent level in other institutions. Applicants from the private sector can also apply for the post and should have worked as CEO or equivalent of a large financial institution.