Insurance Regulator Update

Ajay Seth takes charge as IRDAI chairman amid key sector reforms

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Ajay Seth officially assumed charge as the Chairman of the Insurance Regulatory and Development Authority of India (IRDAI) on September 1, 2025. A 1987-batch IAS officer from the Karnataka cadre, Seth was appointed by the Appointments Committee of the Cabinet on July 24, 2025, for a tenure of three years or until he turns 65, whichever is earlier.

Seth previously served as Secretary of the Department of Economic Affairs. He succeeds Debasish Panda, whose three-year term ended in March. The appointment comes at a crucial time as the insurance industry is navigating significant regulatory changes and preparing to meet the ambitious "Insurance for All by 2047" target.

At IRDAI, Seth will oversee the rollout of major initiatives like the risk-based capital and supervision frameworks, implementation of IFRS standards, and the launch of Bima Sugam. He will also be involved in shaping the future of FDI norms through the pending Insurance Amendment Bill, 2025.

Bima Sugam portal launched to revolutionize digital insurance access

The Insurance Regulatory and Development Authority of India (IRDAI) has officially launched the much-anticipated Bima Sugam portal, marking a significant leap in India's digital insurance transformation. Designed as a one-stop platform, Bima Sugam will allow users to buy, renew, and settle insurance policies across life, health, motor, and general insurance segments-cutting down paperwork and middlemen.

The platform will also help policyholders access claim history, policy details, and service records digitally. IRDAI aims to integrate insurers, intermediaries, and policyholders under a unified system, promoting transparency, efficiency, and trust.