The Indian government has appointed Ajay Seth, the former Finance Secretary and Secretary of the Department of Economic Affairs (DEA), as the new Chairman of the Insurance Regulatory and Development Authority of India (IRDAI). His appointment, approved by the Appointments Committee of the Cabinet, is for a term of three years or until he reaches the age of 65, or until further orders are issued, whichever comes first. Seth succeeds Debasish Panda, whose term ended in March 2025, leaving the position vacant for several months.

A 1987-batch IAS officer from the Karnataka cadre, Seth brings over three decades of experience in public service to his new role. He has held key positions in policymaking related to economic growth, fiscal management, infrastructure funding, and digital payments. Seth's career includes 18 years in public finance and taxation, with approximately three years each in the social sector, urban transport, and infrastructure. He has served in the Government of India, the Government of Karnataka, and the Asian Development Bank.

Before being appointed as IRDAI Chairman, Seth served as DEA Secretary in the Finance Ministry. Earlier this year, he also took on the additional charge of Revenue Secretary after Tuhin Kanta Pandey was appointed as the Chairperson of the Securities and Exchange Board of India (SEBI). Seth retired as Economic Affairs Secretary in June 2025, after serving a four-year term. He was also the officer in charge of the finance track during India's G20 presidency. In 2013, he was awarded Excellence in Public Administration for his contributions to transforming Karnataka's commercial tax administration.

The IRDAI chairman's post remained vacant since Debasish Panda completed his term in March. Seth's appointment comes after this vacancy.