Debasish Panda- New IRDAI Chief

Debasish Panda has been appointed as the new chairperson of the Insurance Regulatory and Development Authority of India (IRDAI) for a three-year term.

Overview:

  • Former Department of Financial Services (DFS) Secretary Debasish Panda, a retired IAS officer, has been appointed Chairperson of the IRDAI, the insurance regulator, by the Cabinet Appointments Committee.
  • After a two-year service as Secretary of the (DFS) at the Finance Ministry, Panda resigned on January 31 2022.
  • Panda was appointed Chairperson of the IRDAI ten months after the position became vacant in May 2021.
  • On April 30, 2021, the Centre released a notice inviting applications for a new Chairman.

About IRDAI

The IRDAI is a regulatory body that falls under the ambit of the Ministry of Finance. This organization is responsible for licencing and regulating the insurance and reinsurance sectors in India. It was constituted under the Insurance Regulatory and Development Authority Act of 1999. The agency’s headquarters have been in Hyderabad since 2001 when it relocated from Delhi. The chairman, as well as five full-time and four part-time members selected by the Indian government, constitute the IRDAI.

About Department of Financial Services

The DFS is responsible for overseeing the functioning of financial institutions, banks, the National Pension System, and insurance companies in India. This department is also in charge of overseeing various significant government programmes, initiatives, and reforms in the insurance, banking, and pension sectors.

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