Ajay Seth appointed IRDAI chairman after 5-month gap

Ajay Seth assumed charge on Monday as chairman of the Insurance Regulatory and Development Authority of India after the top regulatory office had remained vacant for five months.

His appointment, cleared by the government on July 25 for a three-year term or until he turns 65, comes at a critical moment for India's underpenetrated insurance industry.

A 1987-batch IAS officer of the Karnataka cadre, Seth is a former secretary of the department of economic affairs and has over three decades of experience in economic policy and regulatory reforms.


He succeeds Debashis Panda, whose term ended on March 13.

Seth takes over as the industry grapples with slowing growth. Health insurance is caught in a tussle between hospitals and insurers over settlement, delays in cashless claims, and consumer complaints over steep premium hikes. In life insurance, concerns around mis-selling, high commissions, and banks pushing products remain on the regulator's radar.

Several big-ticket reforms await Seth's attention. A new Insurance Act amendment is expected to be tabled in Parliament, with draft rules proposing to ease foreign investment conditions introduced on August 29.