Will IRDAI Chairman accept an extension of his tenure if offered?

Since the appointment of Debasish Panda as the IRDAI Chairman in March 2022, many structural reforms have been introduced for India's insurance sector. Some of the biggest reforms under Debasish Panda as IRDAI Chairman include the shift to principal-based regulations from rule-based, move towards 'use and file' regime from 'file and use', the Expenses of Management (EoM) Regulations and the latest one on providing higher surrender value to policyholders.

Panda's tenure as Chairman of the IRDAI is set to conclude in March 2025, and there is growing speculation about whether the government will offer him an extension—and if so, whether he would be willing to accept it.

Many structural reforms have already transpired and more crucial ones are lined up like introduction of Composite Insurance Licence and the Bima Trinity (Bima Sugam, Bima Vistaar and Bima Vahaak). Also, IRDAI is in the process of bringing accounting reforms like Risk-based Solvency/Capital, Risk-based Supervision and the new IFRS accounting method.

When asked if Panda would be open to accepting an extension if offered by the Government, he said "it has been a privilege and honour for him to serve as IRDAI Chairman and the regulator has been able to achieve what it intended to in the last 24 months." He added that momentum and energy will propel the future growth and a lot of work needs to be done towards the aspiration of Insurance for All by 2047. Nevertheless, he said that "at the end of the day institutions matter and not the people."

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