Section 3 in The Insurance Regulatory And Development Authority (Salary And Allowances Payable To, And Other Terms And Conditions Of Service Of, Chairperson And Other Members) Rules, 2000
.-The pay of the Chairperson and the whole-time members shall be [Rs. 3,75,000 ( Rupees three lakh seventy five thousand only) per month and Rs. 3,12,500 (Rupees three lakh twelve thousand five hundred only) per month], respectively, without facility of house and car. However, the existing Chairperson and the whole-time members shall be offered and an option by the Central Government to retain their pay and allowances together with car and house or to choose the high pay package without house and car:Provided that-(i)for the existing Chairperson and the whole-time members for normal replacement scales as notified by the Central Government Resolution No. 1/1/2008-IC, dated 29-08-2008 shall be applicable with effect from 1-1-2006.(ii)the existing Chairperson and the whole-time members who opt for the revised pay package as per rule 3 shall be paid as per proviso (i), above for the period 1-1-2006 up to the date of their exercising the option;(iii)the existing Chairperson and whole-time Members drawing normal replacement scale with house and car. In case they are in receipt of any pension, the pay of such person shall be reduced by the gross amount of pension drawn by him/her.]
