New Delhi: The government on Thursday appointed former Finance and Economic Affairs Secretary Ajay Seth as chairman of the Insurance Regulatory and Development Authority of India (IRDAI).

The Appointments Committee of the Cabinet has approved Seth’s appointment as chairperson of the insurance regulator for a period of three years or till the incumbent attains the age of 65 years or until further orders, whichever is the earliest, a government notification said.

Seth, a 1987-batch IAS officer of the Karnataka cadre, retired as Economic Affairs Secretary in June this year after a four-year stint.

The appointment of IRDAI chairman comes nearly four months after the vacancy was created following Debasish Panda completing his term in March this year.

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.

IRDAI is entrusted with the task of protecting the interest of insurance policyholders and 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 also helps promote fairness, transparency and orderly conduct in financial markets dealing with insurance and build a reliable management information system to enforce high standards of financial soundness among market players.