Advertisement
Ajay Seth, the former Finance and Economic Affairs Secretary, has been appointed as the new chairman of the Insurance Regulatory and Development Authority of India (IRDAI) for a term of three years. His appointment fills the vacancy left after Debasish Panda's term ended about four months ago. Seth, a 1987-batch IAS officer from the Karnataka cadre, recently retired in June after serving four years in the Finance Ministry. The decision was made following due procedure by the Financial Sector Regulatory Appointments Search Committee and received final clearance from the Appointments Committee of the Cabinet.
The government has appointed Ajay Seth, a retired 1987-batch IAS officer of the Karnataka cadre, as the new chairman of the Insurance Regulatory and Development Authority of India (IRDAI). His selection came shortly after his retirement last month as the Secretary of Finance and Economic Affairs, where he served for four years and played a key role in macroeconomic policymaking and fiscal planning. Advertisement
The Appointments Committee of the Cabinet, led by Prime Minister Narendra Modi, cleared Seth's appointment for a tenure of three years or until he turns 65, or until further orders whichever occurs first. His entry into IRDAI leadership comes after a noticeable gap of nearly four months following the end of Debasish Panda's term in March.
Seth's appointment followed the standard process for top regulatory posts. The Financial Sector Regulatory Appointments Search Committee (FSRASC), headed by the Cabinet Secretary, shortlisted eligible candidates after detailed interactions. Based on its recommendations, the final nod came from the Cabinet committee.
IRDAI, India's top insurance regulator, is responsible for ensuring policyholder protection, promoting structured growth in insurance including annuity and pension-linked instruments and building a sound financial ecosystem. It also ensures transparency, fair conduct, and robust management systems across market participants to maintain high financial integrity and consumer confidence.
Seth is expected to bring financial acumen and administrative depth to IRDAI at a time when the sector is witnessing a transformational push ranging from digital onboarding and open architecture in bancassurance to allowing insurers to invest in innovative instruments. His experience from the Finance Ministry could help in aligning insurance reforms with broader economic goals.
Source PTI
5th Jun, 2025
25th May, 2023
11th May, 2023
27th Apr, 2023
Advertisement
Facebook
Whatsapp
