Govt appoints former Finance Secretary Ajay Seth as IRDAI chief

On Thursday, July 24, the government appointed the former Finance and Economic Affairs Secretary Ajay Seth as the President of India Insurance Regulation and Development Authority (IRDAI).

The Cabinet Appointment Committee approved Seth’s appointment as the Head of the Insurance Organizer for three years or to the 65 -year -old or further orders, regardless of whichever earlier.

Mr Seth, the 1987 collective IAS officer of the Karnataka squad, retired in June this year as a secretary of Economic Affairs.

The appointment of the president of IRDAI comes about four months after the creation of a gap after Debasish Panda, who completed his duty in March this year.

According to the procedure for the appointment of regulators, the name is recommended by the financial sector regulatory appointments search Committee (FSRASC) headed by the Cabinet Secretary.

Based on interaction with appropriate candidates, the FSRASC proposes the name of the Cabinet Appointment Committee under the chairmanship of Prime Minister Narendra Modi for its final approval.

IRDAI is entrusted to the task of protecting the interest rates of insurance policy holders and rapid and regular growth of the insurance industry (including annual income and pension payments), for the benefit of ordinary people and to provide long -term funds to accelerate the growth of the economy.

In addition, it helps to encourage justice, transparency and regular behavior in financial markets interested in insurance and to create a reliable management information system to implement high financial strength standards among market players.