New Irdai chairman not a newcomer to insurance – Times of India

MUMBAI: Insurers are pleased with the appointment of Debasish Panda because the chief of the business’s regulatory authority as they really feel that the previous bureaucrat has a sound understanding of insurance coverage.
Many of the previous chairmen, barring TS Vijayan who got here from LIC, had been bureaucrats and needed to bear a steep studying curve upon taking cost. Panda, regardless of being a profession bureaucrat, has a robust join with the insurance coverage business and has been on the boards of two of the biggest authorities corporations – New India Assurance & Life Insurance coverage Company (LIC) – and the regulator Irdai itself. He was actively concerned within the divestment of IDBI, which was acquired by LIC, and subsequently the proposed preliminary public providing (IPO) of the insurance coverage big.
“Within the division of monetary companies (DFS), he had proven empathy for the insurance coverage corporations and understood the problems confronted by them,” stated an official with a public sector insurance coverage firm. In accordance with the chief of a non-public non-life firm, the brand new Irdai chief had a consultative strategy in authorities and didn’t subject diktats.
Panda, an IAS officer of the 1987 batch of UP cadre, was appointed because the sixth chairman of Irdai on Friday. In accordance with insurers, the primary and largest problem earlier than Irdai would be the public sector non-life insurance coverage corporations and dealing with the federal government on a street map for them to get each their steadiness sheets and operational effectivity again on observe. The second is the IPO by LIC.

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