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14/03/22 07:55 AM IST

Debasish Panda named as Chairman of IRDAI

In News 
  • Debasish Panda has been appointed as the chairman of the Insurance Regulatory and Development Authority of India (IRDAI).
Details 
  • He is a former financial services secretary.
  • The post of Chairman of IRDAI was lying vacant since May 2021 when Subhash Chandra Khuntia completed his term.
  • Panda, a 1987-batch IAS officer of the Uttar Pradesh cadre, retired as financial services secretary in January this year after a two-year stint.
  • The Appointments Committee of the Cabinet has approved Panda’s appointment as chairperson of the insurance regulator initially for a period of three years from the assumption of charge.
  • The appointment of IRDAI chairman comes nearly 9 months after the vacancy was created following Subhash Chandra Khuntia completing his term in May last year.
About IRDAI 
  • The Insurance Regulatory and Development Authority of India or the IRDAI is the apex body responsible for regulating and developing the insurance industry in India.
  • It is an autonomous body.
  • It was established by an act of Parliament known as the Insurance Regulatory and Development Authority Act, 1999. Hence, it is a statutory body.
  • The IRDAI is headquartered in Hyderabad in Telangana. Prior to 2001, it was headquartered in New Delhi. 

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