Ajay Seth has officially assumed the charge of Chairman, the Insurance Regulatory and Development Authority of India (IRDAI) confirmed on Monday, 1 September.
A former secretary of the Department of Economic Affairs, Seth has succeeded Debasish Panda, who left his position in March after three years.
Following the approval from India’s appointments committee, led by Prime Minister Narendra Modi, Seth will take the helm as IRDAI chief for a period of three years, or until he turns the age of 65.
He is a seasoned bureaucrat with experience in financial administration and policy development, having served in the Ministry of Finance and the Indian Administrative Service.
Seth is joining the IRDAI at a critical time for India’s insurance industry, which has been marred by widespread regulatory violations, including in premium handling, claims processing, as well as cybersecurity. In February, the agency also formed a seven-member committee to review and amend the Insurance Act, 1938, with proposals to allow full foreign direct investment in the sector.
