The post of Chairman of the Insurance Regulatory and Development Authority of India (IRDAI) has remained vacant since March 13, 2025, following the completion of Debashish Panda’s three-year tenure. Now, strong buzz in the power corridors suggests that the government may soon announce his successor, with M Nagaraju (IAS:1993:TR), currently Secretary, Department of Financial Services (DFS), emerging as a top contender.
Nagaraju’s recent engagement with insurance sector stakeholders — including a key meeting with CEOs of life, general, and health insurance companies — and his ongoing involvement in the sector through his DFS role have strengthened speculation around his possible appointment.
Alongside Nagaraju, two other prominent names in the race are former Finance Secretary Ajay Seth (Retd.IAS:1987:KN), who retired on June 30, 2025, and former Defence Secretary Giridhar Aramane (Retd. IAS:1988:AP).
The Government of India had advertised the IRDAI Chairman post on March 11, 2025, setting April 6 as the deadline for applications. Initially, the race was seen between Ajay Seth and Giridhar Aramane. Later, the list expanded with the inclusion of Petroleum Secretary Pankaj Jain (IAS:1990:AM), LBSNAA Director Sriram Taranikanti (IAS:1992:TR), and two notable private sector names — Thomas Devasia, former Member (Non-Life) of IRDAI, and RM Vishakha, former MD & CEO of India First Life.
As the latest round of speculation narrows, it appears that M Nagaraju is now leading the race to become the next IRDAI Chairman.
(By-Rajeev Singh)
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