After more than four months of vacancy, the Insurance Regulatory and Development Authority of India (IRDAI) finally has a new chief. The Central Government has appointed Ajay Seth (Retd IAS:1987:KN), former Finance Secretary and Secretary of the Department of Economic Affairs (DEA), as the Chairperson of IRDAI.
He replaces Debasish Panda (Retd IAS:1988:UP), who completed his term on March 12, 2025. The top post at IRDAI had remained vacant since March 13, 2025, after Panda’s retirement. Seth had demitted office as DEA Secretary on June 30, 2025, after reaching the age of superannuation.
The appointment comes at a critical juncture, with the Insurance Amendment Bill 2025 likely to be tabled in the upcoming Monsoon Session of Parliament. The bill proposes sweeping reforms in the insurance sector, including 100% Foreign Direct Investment (FDI).
IRDAI is a statutory and autonomous regulatory body under the Ministry of Finance, Government of India. It is responsible for regulating, licensing, and overseeing India’s insurance and re-insurance industries.
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