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Joseph would have a tenure until January 2019.
The post was lying vacant after M Ramaprasad retired last April and Insurance Regulatory Development Authority of India (Irdai) chairman T S Vijayan was holding the additional charge.
Joseph was the chairman and managing director of the state-owned Agriculture Insurance Company.
Irdai is in the process of preparing regulation relating to non-life insurers.
Meanwhile, joint secretary in the Finance Ministry, Alok Tandon has been given additional charge as acting CMD of Agriculture Insurance Company for a period of three months, sources added.
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