Ex-IAS Officer Debasish Panda Appointed as IRDAI Chief

Debasish Panda, a retired IAS official and former financial services secretary, has been appointed head of the Insurance Regulatory and Development Authority of India (IRDAI) by the government.

On Friday, the Appointments Committee of Cabinet (ACC) approved Mr. Panda’s appointment as chairperson of the insurance regulator for a three-year term beginning with his assumption of office.

Mr. Panda, an IAS officer from the Uttar Pradesh cadre, retired as financial services secretary in January this year following a two-year tenure.

The selection of the new IRDAI chairman comes about 9 months after the gap was established when Subhash Chandra Khuntia’s term expired in May 2021.

The finance ministry requested candidates to succeed Mr. Khuntia in April 2021.

The name is suggested by the Financial Sector Regulatory Appointments Search Committee (FSRASC), which is chaired by the cabinet secretary, according to the protocol for the appointment of regulators.

Based on interactions with qualified individuals, the FSRASC submits the name to the Cabinet Appointments Committee, chaired by Prime Minister Narendra Modi, for ultimate confirmation.

Rakesh Joshi, former executive vice president and group head (Debt Capital Markets), State Bank of India Capital Markets, has also been appointed as a Whole Time Member (Finance and Investment) of IRDAI by the government.

IRDAI is charged for safeguarding the interests of insurance policyholders and promoting the rapid and orderly growth of the insurance business (including annuity and superannuation payments) for the benefit of the common man, as well as providing long-term capital to accelerate economic growth.

It also contributes to the promotion of fairness, transparency, and orderly conduct in insurance-related financial markets, as well as the development of a dependable management information system to enforce high standards of financial soundness among market participants.

The IRDAI is a ten-member regulatory body comprised of a chairman, five full-time members, and four part-time members.

Approximately 30 individuals, including a dozen bureaucrats, two serving Members of the Authority, and a couple of CEOs of private insurance companies, were said to have applied for the position of IRDAI Chief.