The Centre has shortlisted four candidates, including revenue secretary C S Rao, as successor to the Insurance Regulatory and Development Authority chairman N Rangachary, who is slated to superannuate in June.

The other candidates are R C Sharma, IRDA member in charge of non-life business, V Jaganathan, chairman and managing director of United India Insurance, and K N Bhandari, former New India Assurance chief.

Official sources said Rangachary's successor will be finalised before June. The IRDA chairman has himself been reminding the government about the need to appoint a successor before his term comes to an end. Rao is considered as a front-runner in the race given his background as a bureaucrat.

RC Sharma, whose is slated to superannuate in May will get an additional three years if he is appointed as chairman.

The IRDA Act, 1999 prescribed a maximum tenure of five years for the chairman and five whole-time members.

The age of superannuation for members has been kept at 65 years, while members are to retire at 62 years.