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Nearly a month after his appointment, Ajay Seth on Monday assumed charge as chairman of the Insurance Regulatory and Development Authority of India (Irdai).
“Ajay Seth has assumed charge as chairman, Insurance Regulatory and Development Authority of India, on September 1, 2025,” the insurance regulator said in a notification.
The central government had appointed Seth, former secretary of the Department of Economic Affairs (DEA), as chairman on July 24, 2025, after the three-year tenure of Debasish Panda ended in March 2025. Seth is a 1987-batch IAS officer from the Karnataka cadre.
The Appointments Committee of the Cabinet, chaired by Prime Minister Narendra Modi, approved Seth’s appointment for a period of three years, or until he attains the age of 65, or until further orders, whichever is earlier.
According to experts, the insurance industry is experiencing a slowdown as it transitions through regulatory changes, even as it has set itself the ambitious target of “insurance for all by 2047” — a clarion call given by former chairman Panda.
At the helm of the insurance regulator, Seth will inherit several unfinished agendas from the previous regime, including implementation of the risk-based capital framework, risk-based supervision framework, and International Financial Reporting Standards (IFRS). Further, the regulator’s ambitious project to launch an Amazon-like marketplace — Bima Sugam — to sell, buy, and service insurance is yet to be rolled out.
The industry is also awaiting the Insurance Amendment Bill, 2025, which proposes significant reforms such as allowing 100 per cent foreign direct investment (FDI) in the insurance sector. If approved, foreign insurers would be able to increase their stakes in existing joint ventures and also enter the Indian insurance market without an Indian partner.
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