Stabilising sector: Task cut out for new Irdai chairman Seth

Nearly five months after Debasish Panda's tenure as chairman of the Insurance Regulatory and Development Authority of India (Irdai) ended, the central government on Wednesday appointed Ajay Seth, former Department of Economic Affairs secretary, his successor.

- AATHIRA VARIER & SUBRATA PANDA

Seth's will be a term of three years. Among his priorities would be stabilising the industry, which is going through regulatory changes, and as a result has seen a slowdown in growth, industry experts said, adding, Seth would be occupied with, among other things, framing regulations on amendments to the Insurance Act.

"We do not expect any major policy changes in the next few months. The government appears focused on stabilising the insurance sector, especially given the significant reforms introduced during the previous regime. Over the next six to eight months, the new leadership will focus on assessing the impact of the existing regulations before charting the path forward. That said, some regulatory changes already set in motion are likely to continue," said the chief executive officer (CEO) of a private insurance company.