AB News, New Delhi: The Narendra Modi-led government has appointed former Union Finance Secretary and Secretary of the Department of Economic Affairs, Ajay Seth (Retd IAS: 1987: KN), as the new Chairman of the Insurance Regulatory and Development Authority of India (IRDAI). His appointment is for a three-year term, following his retirement from government service on June 30, 2025.
Seth succeeds Debasish Panda (Retd IAS: 1988: UP), who completed his tenure as IRDAI Chairperson in March 2025. Prior to this appointment, Seth’s name was also speculated for the post of Executive Director at the International Monetary Fund (IMF).
This leadership change comes at a critical juncture, as the Insurance Amendment Bill 2025 is set to be introduced during the upcoming Monsoon Session of Parliament. The bill is expected to usher in major reforms, including a proposal to allow 100% Foreign Direct Investment (FDI) in the insurance sector.
IRDAI, a statutory and autonomous regulatory body under the Ministry of Finance, oversees and licenses the insurance and reinsurance sectors in India.
