Ajay Seth appointed IRDAI Chairperson

Sanjay Seth, former Finance Secretary and Secretary of the Department of Economic Affairs (DEA) of India, has been appointed as the new Chairperson of the India — Insurance Regulatory and Development Authority (IRDAI) for a three-year term or until he reaches 65 years of age. The India — Appointments Committee of the Cabinet approved this decision on July 23, ending a four-month leadership vacuum at the IRDAI following the departure of Debasish Panda. Seth is recognized for his role in India's post-pandemic fiscal revival, overseeing macroeconomic strategy, capital expenditure reforms, and fiscal consolidation. His appointment is anticipated to address a backlog of reforms in the insurance sector, including initiatives like Bima Sugam, Bima Vistaar, and Bima Vahaak, as well as issues related to foreign direct investment, composite licenses, and solvency shortfalls in state-run insurers. He is also expected to tackle concerns over mis-selling practices and improve transparency in claim settlements.