Several hits, few misses in Debasish Panda's 3-year tenure as Irdai chief

Irdai under Panda moved to principle-based regulation from rule-based regulation

Debasish Panda took over as chairman of the Insurance Regulatory and Development Authority of India (Irdai) during one of the most turbulent periods for the insurance industry — in the middle of the pandemic — resulting in surging health and life-insurance claims.

 

Over the next three years at the helm, Panda introduced major reforms aimed at enhancing customer convenience and improving insurance penetration, causing some disruption for industry players. On Monday, the central government put out an advertisement inviting applications for the position of Irdai chairperson. Panda’s tenure ends on March 13.

 

Among his major initiatives was a clarion call