The Indian insurance industry is agog with speculation as to who will head the Hyderabad based insurance regulator, Insurance Regulatory and Development Authority of India (IRDAI). The post fell vacant after Debasish Panda’s three-year tenure expired on Mar 13.
The deadline for applying for the post ended on April 6 itself, but there is no clarity yet as to who will don the hat.
A few names are doing the rounds for the post of IRDAI Chairman. These include Ajay Seth (IAS:1987:KN), the newly-appointed Finance Secretary; Giridhar Aramane (Retd. IAS:1988:AP), former Defence Secretary; and Pankaj Jain (IAS:1990:AM), the current Petroleum Secretary. Seth is unlikely to be shifted from the Finance Secretary’s post.
In addition, Sriram Taranikanti (IAS:1992:TR), current Director of the Lal Bahadur Shastri National Academy of Administration (LBSNAA) at Mussoorie is another entrant to the race for IRDAI’s Chairmanship. What goes in his favour is the fact that this Tripura cadre IAS officer, had served as an Executive Director of IRDAI for five years between 2011- 2016.
Few names from the private sector being hotly debated are Thomas Devasia, former member, Non-Life, IRDAI and RM Vishakha, former MD & CEO , India First Life.
The government can ill-afford delaying the appointment of a new IRDAI chairman as the Insurance Amendment Bill 2025, that contains several reforms in insurance sector including the one allowing 100 per cent FDI, may be tabled during the Monsoon Session of the Parliament.
