With an eye for detail

GIVEN HIS VAST EXPERIENCE IN THE FINANCIAL SECTOR, SETH'S TENURE IN IRDAI WILL LIKELY SET THE BAR A NOTCH HIGHER

- PRASANTA SAHU

THE INSURANCE SECTOR IS poised for major reforms with an increase likely in the foreign direct investment (FDI) limit from 74% to 100% besides key regulatory changes that could potentially transform the sector.

The sector also faces some hard questions given the spike in health insurance premiums annually.

It is no coincidence that the government has appointed a soft-spoken team player and man of detail, Ajay Seth, as the chairperson of the Insurance Regulatory and Development Authority of India (IRDAI) at this crucial juncture. He will lead the post, lying vacant after the retirement of Debashish Panda on March 13, 2025, for three years.

Seth is expected to inject a fresh lease of life into the insurance regulator and instill discipline among the regulated entities with the same flair as the Reserve Bank of India for banks.

Given his vast experience in the financial sector, Seth's tenure in IRDAI will likely set the bar a notch higher.

He has been part of the public finance and taxation domains for more than 20 years of his 38-year career, and in the social sector and urban transport and infrastructure domains for about three years each in different positions at the Centre, government of Karnataka and Asian Development Bank.

The University of Roorkee (Mechanical Engineering) and Ateneo de Manila University (MBA) are his alma mater.