Government Appoints Former Finance Secretary Ajay Seth as IRDAI Chief
Ajay Seth, former Finance and Economic Affairs Secretary, has been appointed as chairman of IRDAI for a term of three years or until age 65—ending a vacancy since March 2025.
The central government has appointed Ajay Seth, a retired 1987-batch IAS officer from the Karnataka cadre and former Finance Secretary, as the Chairman of the Insurance Regulatory and Development Authority of India (IRDAI). His term will last for three years or until he turns 65, whichever comes first. The Appointments Committee of the Cabinet (ACC) approved this appointment on July 24, 2025.
It fills the leadership gap left by Debasish Panda, who completed his term in March 2025.
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Seth takes over from Debasish Panda, bringing over thirty years of experience in economic policy and regulatory reform. He recently served as Secretary of the Department of Economic Affairs and then as Finance Secretary, where he played a crucial role in budget planning, sovereign green bond projects, and infrastructure finance frameworks.
His appointment reflects a broader trend of placing former senior finance ministry officials in key positions at India's major financial regulators. Recently, Sanjay Malhotra and Tuhin Kanta Pandey, both experienced figures from the North Block, were appointed as heads of the Reserve Bank of India and the Securities and Exchange Board of India, respectively. With Seth’s addition, all three top financial regulators now have senior finance ministry officials in leadership roles.
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Seth starts his role at a crucial time for the insurance sector, which is undergoing significant reforms and facing slow growth. Among his priorities will be overseeing the long-awaited Bima Trinity rollout, which includes Bima Sugam, Bima Vistaar, and Bima Vahaak. He will also guide the shift to risk-based capital regulations and ensure alignment with global accounting standards. Improving insurance penetration and addressing cyber threats and mis-selling in the sector are anticipated to be key parts of his agenda.
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