Ajay Seth appointed new chairman of IRDAI

Why in news ?

• The central government has appointed former Finance Secretary Ajay Seth as the new chairman of the Insurance Regulatory and Development Authority of India (IRDAI).
• The post was vacant since the end of the term of former Chairman Debasish Panda in March 2025.

About Ajay Seth

• He is a 1987 batch Karnataka cadre IAS officer.
• Recently he has been the Finance Secretary and Secretary of Economic Affairs.
• Over 3 decades of administrative experience covering areas such as financial policy, public investment, infrastructure financing.
• Educational Qualification:
  • Bachelor in Mechanical Engineering
  • Master's Degree in Business Administration

Insurance Regulatory and Development Authority of India (IRDAI)

• It was established under the Insurance Regulation and Development Act, 1999. 
• It is headquartered in Hyderabad (Telangana) and is the main regulatory body of insurance companies in India.
• The main objective of IRDAI is – orderly development of the insurance sector, transparency and protection of the interests of policyholders.
• This institution issues licenses to insurance companies, monitors their products and resolves consumer complaints.
• Tenure of Chairman in IRDAI
  • Term: 3 years or till the age of 65 years (whichever is earlier).
  • The order of appointment has been issued by the Ministry of Finance.