Ajay Seth Appointed Chairman of IRDAI for Three-Year Term

In a significant regulatory appointment, the NaMo administration has named Ajay Seth (Retd IAS: 1987: Karnataka cadre)—former Union Finance Secretary and Secretary, Department of Economic Affairs (DEA)—as the new Chairman of the Insurance Regulatory and Development Authority of India (IRDAI) for a three-year term.

Seth retired from his post as DEA Secretary on June 30, 2025, and steps into the role vacated by Debasish Panda (Retd IAS: 1988: UP), who completed his term in March 2025. Seth’s name had previously surfaced as a contender for the Executive Director position at the International Monetary Fund (IMF).

His appointment comes at a pivotal time as the Insurance Amendment Bill 2025 is set to be tabled in the upcoming Monsoon Session of Parliament. The bill proposes sweeping reforms, including allowing 100% Foreign Direct Investment (FDI) in India’s insurance sector—making the leadership of IRDAI more critical than ever.

As a statutory and autonomous body under the Ministry of Finance, IRDAI is responsible for the regulation, development, and supervision of India’s insurance and re-insurance industries. Seth’s extensive economic background and reform-focused track record are expected to drive major policy shifts and boost investor confidence in the evolving insurance landscape.