Sources told Moneycontrol that both public sector and private sector insurance executives have applied for the post.
The government may decide on a successor for IRDAI Member Life before the elections. While the current member life Nilesh Sathe will complete his term in July 2019, the government wants to ensure that there is no dilly-dallying related to appointment of Sathe's successor.
All appointments at regulatory bodies like IRDAI are finalised by the Appointments Committee of the Cabinet, which is headed by the Prime Minister.
LIC Chairman's appointment was announced on March 13.
IRDAI has a Chairman and a whole-time member each for life, non-life, finance and investment, actuary and distribution.
Sources said that both public sector and private sector insurance executives have applied for the post.
Recently, TL Alamelu, who was the Chairman and Managing Director of Agriculture Insurance Company of India, was appointed as member (non-life) for a period of three years by the Cabinet.
Member Life is responsible for governing all the activities in the life insurance sector. These include product guidelines, new product approvals, pricing checks among others.
Even approval of new entrants into the life insurance sector also goes through the whole-time member (life).
In its advertisement for the position, the department of financial services had said that applicants should preferably have at least 25 years experience in the area of life Insurance with a minimum of three years experience at a senior level not below the rank of an executive director in a public sector life insurer or its equivalent in other companies. Further, applicants also need to have a minimum two years of residual service for the post.
