Ajay Sheth, Finance Secretary, Ministry of Finance
Though, a final decision on the new IRDAI chairman is yet to be taken by the government, sources in the New Delhi said the search for the new IRDAI boss is now narrowing down just to two names- Ajay Seth and Armane. Between the two, Sheth may be the final choice as government prefers a younger candidate, said sources
New Delhi: Ajay Seth, Finance Secretary, also in charge of Department of Economic Affairs, is gradually emerging as a frontrunner for the government’s next choice for the country’s new insurance regulator.
The post has fallen vacant after Debasish Panda completed his three- year term as IRDAI chairman on March 13.
For the last few days, a few names including Seth and Girdhar Armane, former Defense Secretary has been going around the power corridors of Delhi.
Though, a final decision on the new IRDAI chairman is yet to be taken by the government, sources in New Delhi said the search for the new IRDAI boss is now narrowing down just to two names- Seth and Armane.
Between the two, Seth, 59, may be the final choice as government prefers a younger candidate who can serve a longer tenure, said sources.
Except for some last minute change of government’s mind, Seth’s name may be announced in a few days, said sources.
A chairman of the IRDAI can be given a tenure till 65.
Armane, 62, who had earlier served the IRDAI as an executive director, retired as a Defense Secretary in Oct 2024.
Like earlier decisions of the government to appoint Sanjay Malhotra, former Revenue Secretary as Governor, Reserve Bank of India and Tuhin K Pandey, former Finance Secretary as chairman of capital market regulator Sebi , without any interviews, Seth will be selected similarly but will take over as IRDAI chief only in July.
Seth, a 1987-batch Indian Administrative Service(IAS) officer from the Karnataka cadre, will be retiring in June end and the government has already named his successor in the Ministry of Finance.
Anuradha Thakur, additional Secretary, Ministry of Corporate Affairs , on Friday, has already been appointed to succeed Sheth as the Economic Affair Secretary in the Ministry of Finance.
Seth’s extensive career spans over three decades, with significant expertise in public finance, taxation, and social sector administration.
He has played a crucial role in shaping the nation’s economic policies and is credited with heading initiatives such as India’s first sovereign green bond issuance and the creation of the infrastructure finance secretariat in Department of Economic Affairs.
His academic background includes a BTech in Mechanical Engineering from IIT Roorkee and an MBA from Ateneo de Manila University.
Gaining recognition for his work in transforming Karnataka’s commercial tax administration, he had received the Prime Minister’s Award for Excellence in Public Administration in 2013.
What is his experience in the domain which he will be heading if selected, are there no senior people with the domain experience who can be selected?
Mr Seth has wide experience in Finance. He is a soft spoken person. IRDAI has to deliver on checking mis-selling, early settlement of claims, private participations, checking corruption in medical cases, checking exploitation of patients and families, promote innovations and some reforms, inclusive insurance, monitoring poor cos., like Edelweiss Insurance, reducing court cases, checking overall corruption in industry.
Probably claim settlement procedure need more attentions. Early settlement of claim and also genuine value of payment can restore the public confidence in insurance. Presently 90% of insurance,except health is not voluntary, but to meet statutory obligations
Sir, always good to select respective field legends in both life & general insurance. CMD or general manger level or retired persons can be appointed to improve the Indian insurance sector and create a healthy competitions between public and private sector companies and gives excellent services to common man. We have seen good administration from civil servants generally but insurance is an ocean which needs vast domain knowledge.
Mr Ajay Seth is the best selection.
Glasnot& prestrorika, (openness& reforms) is required in insurance industry. Re engineering the insurance sector is the crying need of the hour. The Slated Objective of the insurance industry contributing higher share to the GDP of india is nowhere seen in progress.
With the corporate sector growing leaps& bounds, Stock linked savings,to pass the benefits of growth,has to be pushed.
A Tall Leader who can take a fresh look ( not from the beaten track) is required.
So long the insurance industry doesn’t throw up its own talent for the key post the govt has no option but to appoint bureaucrats as IRDAI chief. The industry must nurture suitable talents to have its say in the selection process.