The Appointments Committee of the Cabinet (ACC) has approved the appointment of Mr Subhash Chandra Khuntia to the post of chairperson of the insurance regulator IRDAI.
His appointment will be for a period of three years or till the age of 65 years, whichever is the earlier, the order said. His appointment was made more than two months after the previous chairman T.S.Vijayan retired in February on completion of his five-year term.
A native of the eastern state of Odisha, Mr Khuntia, aged 60, was an officer of the Indian Administrative Service of the 1981 cohort. He has previously served as the Chief Secretary to the Karnataka state government.
The new chairman is likely to join the IRDAI in a month once the Central Vigilance Commission's (CVC) clearance is completed, said a senior finance ministry official close to the development.
"I am looking forward to join as the new chairman, and will give more importance to development of the insurance industry along with the regulatory role of IRDAI," Mr Khuntia told Bloombergquint over the phone.
Mr Khuntia has a Phd in Economics and a Masters degree in Technology (Computer Science). He has worked in the technology field in previous stints across the agriculture, finance, railways as well in human resource development.