The government has appointed Subhash Chandra Khuntia as the new Chairman of IRDAI, say media reports.
1981 batch IAS officer, Kunthia was the Chief Secretary or Karnataka. The government has sanctioned his appointment for three years.
He succeeded TS Vijayan whose tenure ended last month. Vijayan has introduced a host of measures for the insurance industry, most notably hiking the commission structure of agents and brokers, bringing uniformity in commission structure and introduction of open architecture in insurance called insurance marketing firm. He has been vocal in saying that the insurance companies should adequately compensate distributors to increase the penetration of insurance in India.
Born in Odisha, Khuntia has served as Secretary at the Department of School Education & Literacy, Special Secretary and Financial Advisor in the Ministry of Petroleum and Natural Gas and has held positions in Hindustan Petroleum Corporation (HPCL) and Indian Oil Corporation (IOC).