The Insurance Regulatory and Development Authority of India (IRDAI) has addressed to the government seeking an increase in the retirement age of its members. The regulator has sought an age limit in line with what is applicable for whole-time members of the Securities and Exchanges Board of India (SEBI).
IRDAI had advertised for filling up the positions of member-distribution and member-finance. According to sources, there have been around 20 applications for each position. Although, chairmen of public sector banks have applied for the post, they are close to retirement. The rationale for IRDAI seeking a higher retirement age is that since most of the industry experts who join are close to retirement, by the time they familiarise themselves with the working of the regulatory authority it would be time to hang their boots.
The retirement age for the IRDAI chief is 65, which is the same as the RBI governor. However, deputy governors retire at 62. In the late 90s, when the retirement age for public sector employees was increased to 60 from 58, the retirement age of deputy governors was raised to 62 and brought on par with judges of the high court. Unlike the post of the RBI governor, where two of them are internal appointments, IRDAI members are all recruited from industry.
