The post of chairman of the IRDAI is likely to remain vacant for another month as the Cabinet body dealing with the appointment is expected to take another three to four weeks to finalise the appointment.
Sources told Moneycontrol that the Appointments Committee of the Cabinet (ACC) will announce the name only by the third week of May.
The chairman’s post has been vacant since the end of February 2018 after former IRDAI chief TS Vijayan’s tenure ended.
“While the final interview has been conducted, the final name will only be announced in another four weeks,” said an official close to the development. The interviews were held on 5 March.
The ACC, headed by the Prime Minister, will shortlist around two or three candidates for the post in the next few weeks, post which the IRDAI chief's name will be announced.
The Financial Sector Regulatory Appointments Search Committee (FSRAC) headed by cabinet secretary PK Sinha is involved in the selection of the IRDAI chairman.
The Finance Ministry had, in November 2017, invited applications for the post. To be eligible, an applicant has to be below 65 years of age with a minimum work experience of 30 years.