Ending a leadership gap that had persisted for nearly four months at the insurance regulator, the government has appointed Ajay Seth as new chairperson of the Insurance Regulatory and Development Authority of India (IRDAI).

The 1987-batch IAS officer, who retired as the Union Finance Secretary in June, will succeed Debasish Panda, also a former IAS officer, as IRDAI chairperson. Panda completed his term in March this year.

Seth has been appointed for a three-year term or until he turns 65, whichever is earlier. 

He most recently served as finance secretary. Previously, he worked as secretary of the Department of Economic Affairs. Seth also served as the Revenue Department chief, overseeing both direct and indirect tax administration. His earlier assignments include a stint at the Asian Development Bank and leadership of Bangalore’s metro project. 

With Seth’s appointment, the country’s three financial sector regulators: the Reserve Bank of India (RBI), Securities and Exchange Board of India (Sebi), and IRDAI, now have finance ministry officials as their heads.