| Key Facts | Details |
|---|---|
| Event | Ajay Seth Appointed as Chairman of IRDAI |
| About Ajay Seth | Former Finance and Economic Affairs Secretary |
| Previous Chairman | Debasish Panda (Term ended in March 2025) |
| Appointment Approval | Approved by the Appointments Committee of the Cabinet |
| Term Duration | Three-year term or until Seth reaches the age of 65, whichever occurs first |
| About IRDAI | Insurance Regulatory and Development Authority of India |
| Establishment | Founded in 1999 |
| Purpose | Protects the interests of insurance customers, regulates and develops the insurance industry |
| Statutory Basis | Acts under the IRDAI Act, 1999 and Insurance Act, 1938 |
| Jurisdiction | Under the Ministry of Finance |
| Composition of Authority | Ten members: Chairman, five whole-time members, and four part-time members |
| Appointment of Members | All members appointed by the Government as per Section 4 of the IRDAI Act, 1999 |
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