Debashish Panda appointed as the new Chairman of IRDAI

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The Appointment Committee of the Cabinet has approved the appointment of Debashsish Panda as the new chairman of the Insurance Regulatory and Development Authority of India .

• He has been appointed for a term of three years .

• Debashish Panda  earlier retired as the Secretary of the Department of Financial Services , Union Ministry of Finance.

• The post of IRDAI chairman has been vacant since May 5, after Subhash C Khuntia stepped down on completion of his term.

IRDAI 

 The Insurance Regulatory and Development Authority of India (IRDAI) was set up under the Insurance Development Authority Act 1999 by the Government of India in 1999.

It was set up on the recommendation of  R.N Malhotra Committee on Insurance sector , set up by the Government of India in 1993.

It is the regulator of the Insurance sector in India .

The Headquarters of the IRDAI : Hyderabad .

Appointment Committee of the Union Cabinet 

The appointment committee of the Union Cabinet at present consists of the Prime Minister Narendra Modi and the Home Minister Amit Shah .