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Ajay Seth Appointed as Chairman of IRDAI
Why in News?
Former Finance and Economic Affairs Secretary Ajay Seth has been appointed as the new Chairman of the Insurance Regulatory and Development Authority of India (IRDAI), succeeding Debasish Panda, whose term ended in March 2025.
- This appointment, approved by the Appointments Committee of the Cabinet, is for a three-year term or until Seth reaches the age of 65, whichever occurs first.
Key Points
About IRDAI
- About: IRDAI, founded in 1999, is a regulatory body created with the aim of protecting the interests of insurance customers.
- It is a statutory body under the IRDAI Act, 1999, and is under the jurisdiction of the Ministry of Finance.
- It regulates and sees to the development of the insurance industry while monitoring insurance-related activities.
- The powers and functions of the Authority are laid down in the IRDAI Act, 1999 and Insurance Act, 1938.
- Chairman and Members of Authority: According to Section 4 of the IRDAI Act, 1999, the Authority is composed of ten members, including a Chairman, five whole-time members, and four part-time members, all of whom are appointed by the Government.
