Mumbai: A New Leader for IRDAI

The government has appointed Ajay Seth, a retired 1987-batch IAS officer and former finance secretary, as the new chairperson of the Insurance Regulatory and Development Authority of India (IRDAI). His term is set for three years or until he turns 65, whichever comes first. This appointment fills a nearly four-month leadership gap at the regulatory body.

Experienced Hands at the Helm

With a rich background in economic policymaking, Seth has previously served as finance secretary and secretary of the Department of Economic Affairs. His expertise also spans roles at the Asian Development Bank and leading Bangalore’s metro project, showcasing his versatile leadership.

Challenges Ahead

Seth inherits a sector with a significant reform backlog, including delayed digital platforms like Bima Sugam and stalled initiatives such as Bima Vistaar and Bima Vahaak. Additionally, the industry faces solvency issues and the need for alignment with international standards.

Regulatory Reforms and Expectations

Amid concerns over mis-selling and opaque claim settlements, there's a pressing need for transparency and trust, akin to reforms in the mutual fund sector. Seth's leadership is pivotal in steering the insurance sector towards financial inclusion and regaining public confidence.