New Delhi: The 1987-batch Indian Administrative Service (IAS) of Uttar Pradesh cadre Debasish Panda has been appointed the chairman of the Insurance Regulatory and Development Authority of India (IRDAI). The Appointments Committee of the Cabinet (ACC) has given its nod to his appointment to head the insurance regulator initially for a period of three years from the assumption of charge. Panda had retired as Union Financial Services Secretary in January this year after a two-year stint.

As per the procedure for the appointment of regulators, the name is suggested by the Financial Sector Regulatory Appointments Search Committee (FSRASC) headed by the Cabinet Secretary. Based on interaction with eligible candidates, FSRASC recommends the name to the Appointments Committee of the Cabinet, headed by Prime Minister Narendra Modi, for its final approval.

Prior to elevation as Financial Services Secretary, Panda served as additional secretary looking after the insurance and financial inclusion division. He was also the government nominee director on board of IRDAI and served on the boards of some public sector banks and insurance companies. Panda was also on the board of the Reserve Bank of India (RBI).

IRDAI is entrusted with the task of protecting the interest of and securing fair treatment to policyholders, bringing about speedy and orderly growth of the insurance industry including annuity and superannuation payments, for the benefit of the common man, and to provide long term funds for accelerating growth of the economy. It sets, promotes, monitors and enforces high standards of integrity, financial soundness, fair dealing and competence of those it regulates

The regulator is also tasked with ensuring speedy settlement of genuine claims, preventing insurance frauds and other malpractices and put in place effective grievance redressal machinery, promoting fairness, transparency and orderly conduct in financial markets dealing with insurance and building a reliable management information system to enforce high standards of financial soundness amongst market players. /BI/