Debasish Panda, chairman, IRDAI

Panda after taking over as IRDA chairman on Mar 14, 2021, had unleashed an extensive reforms agenda for the industry to achieve `Insurance for all by 2047′ and industry is already tapping all the sources to know whether Panda is continuing at the helms of the IRDAI to pursue his growth agenda beyond March 14

New Delhi: With the government advertising for the post of chairman at the capital market regulator Sebi as the incumbent Madhabi Puri Buch will be completing her three-year term on Mar 2, the Indian insurance industry is now keenly waiting for some clarity on her IRDAI counterpart as Debasish Panda’s three-year term is also ending on Mar 14.

Panda, who was secretary, Department of Financial Services(DFS), before taking over as IRDAI chairman on Mar 14, 2022, had hit the ground running by unleashing an extensive reforms agenda for the Rs 12 trillion industry to achieve `Insurance for all by 2047′ and industry is lending ears to whispers in the power corridor to know whether Panda, a 1987 batch of IAS froM Uttar Pradesh cadre, is continuing at the helms of the insurance regulatory body to pursue his growth agenda beyond March 14.

Panda has completed 63 on Jan 31, 2025 and is eligible for extension till Jan 31, 2027 when he will be turning 65.

Earlier, responding to media question whether he is continuing at IRDAI beyond his present term, Panda had replied “Person doesn’t matter but the institution.”

Observers say the Government’s ways of handling of the appointments of top level regulatory posts in the country have not been uniform.

Recently, Shaktikanta Das, governor, Reserve Bank of India(RBI), completed his six-year term and his successor Sanjay Malhotra, who was revenue secretary in the ministry of finance, was appointed just day before Das’ second term was getting over though expectation was running high that he would get his second extension, considering the critical agenda-lowering inflation as well as interest rates to push economic growth -he had pursued in his post Covid monetary policies.

There is a massive unfinished agenda Panda has on his table that includes Bima Sugam, launching Risk Based Capital(RBC) , International Financial Reporting Standards( IFRS) and other list of reforms which are part proposed Insurance Reforms Bill that will be implemented once Parliament approves it.

The Insurance Reforms Bill has provisions for 100 per cent FDI, Composite licenses and differential capital and IRDAI will be empowered to specify lower entry capital (not be less than Rs 50 crore), for under-served or un-served segments on a special case basis.

Though, there is an expectation that the Insurance Amendment Bill will be introduced in the Budget Session of the Parliament starting from Jan 31-may also become part of Finance Minister Nirmala Sitharaman’s Budget presentation- people in the know of things say the Bill may get further delayed.

The government on Monday invited applications for the post of chairman of the Securities and Exchange Board of India (SEBI). In a public advertisement, the department of economic affairs under the finance ministry invited applications from candidates by February 17.

“The appointment shall be made for a maximum period of 5 years from the date of assumption of charge or till attaining the age of 65 years of the appointee, whichever is earlier,” the ministry said.

Financial Sector Regulatory Appointments Search Committee (FSRASC) headed by cabinet secretary TV Somanathan will shortlist candidates either by itself or from the list candidates, who will be applying for the job and can recommend a name to the government with or without conducting interviews of shortlisted candidates.