The Insurance Regulatory and Development Authority of India (IRDAI) has approved the appointment of Ashwani Bhatia as chairperson of Niva Bupa Health Insurance, effective June 3, the insurer said in an exchange filing.
Bhatia was appointed chairman after Milind Bharve stepped down as non-executive independent director and chairman of the board, citing persistent health issues. Bhatia also serves as an additional director in the capacity of non-executive independent director for a five-year term, subject to shareholders’ approval.
A financial markets and banking professional with more than 40 years of experience, Bhatia has held senior roles spanning regulatory governance, commercial banking, asset management and investment banking.
He served as a whole-time member of the Securities and Exchange Board of India from 2022 to 2025, overseeing areas including corporate finance, debt and hybrid securities, and market regulation.
Before joining SEBI, Bhatia spent 37 years with the State Bank Group, holding several senior leadership positions, including managing director for corporate banking and global markets at State Bank of India and managing director and chief executive officer of SBI Funds Management.
The approval comes months after Niva Bupa Health Insurance promoted executive director and chief business officer Ankur Kharbanda to deputy chief executive officer.
Notably, the health insurer reported strong premium growth in FY2026, although underwriting performance remained under pressure over the full year ended 31 March 2026.
