Debasish Panda’s Tenure as Irdai Chief: Hits and Misses
Debasish Panda’s appointment as chairman of the Insurance Regulatory and Development Authority of India (Irdai) coincided with a challenging period for the insurance sector. Taking the helm during the height of the pandemic, Panda navigated the industry through surging health and life-insurance claims. His tenure, which concludes on March 13, saw significant reforms aimed at enhancing customer experiences and boosting insurance penetration, although these changes also caused some disruption for industry players.
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One of Panda’s key initiatives was a shift towards principle-based regulation, moving away from a more rigid rule-based approach. This move has been seen as a modernization effort, allowing for greater flexibility and responsiveness to market changes. The central government recently issued an advertisement inviting applications for the position of Irdai chairperson, signaling the end of Panda’s three-year term.
