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Reinsurance in India- a detailed study

Reinsurance in India- A Detailed Study

Reinsurance in India has been under the monopoly of the General Insurance Corporation of India for a long time. It is the only indigenous reinsurance company. Although there have been reforms made to open the market for international companies in recent years, strict measures have been imposed on foreign vendors in order to support local companies.

Let’s have a look at the growth and development of the Reinsurance market in India:

Reinsurance Companies In India

  • GIC is the only Indian reinsurance company operating in the country. The General Insurance Corporation of India was established as the supervisor of property and casualty insurance, as a result of the nationalization of the non-life market. It regulated the working of the four major national insurance entities: new India, Oriental, National, and United. It then started operating as a reinsurer and the shareholder of these four non-life insurance companies.
  • GIC gained its individual identity as a reinsurer after the establishment of the Insurance regulatory and development authority. After the IRDA came into the picture the GIC underwent a solid reorganization. It withdrew itself from the four subsidiaries and became a national reinsurer under the name of GIC Re.
  • It not just operates in India but also is highly active in other parts of Asia, the Middle East, and Africa. The United Kingdom, Russia, United Arab Emirates, Malaysia, and South Africa, and Brazil are some of the places where the GIC has numerous subsidiaries.
  • It is quite interesting to know that the GIC contributes immensely to the international income of the country. Its portfolio currently includes 30% of international business. It has been ranked as the 12th most prestigious reinsurance company worldwide and the 3rd in Asia.
  • The other Indian reinsurance company ITI, received a green signal in December 2016. It would have been the first Indian reinsurer in the private sector if its license would not have been withdrawn in May 2019. Its license was ceased because the company failed to start its business within the given deadlines.

Foreign Reinsurance companies in India

With the opening of the market for foreign players, the growth of reinsurance in India has been remarkable. Currently, 10 foreign reinsurance subsidiaries are operating in India namely, Swiss Re, Munich Re, Hannover Re, Axe Via, XL Cat, Allianz Global, Gen Re, Lloyd’s, and RGA. These foreign competitors hold a share of 19% percent in the reinsurance market of India with the major share still remaining with GIC Re.

Growth of Reinsurance In India

The reinsurance market in India has shown immense growth in the past few years. The recent amendments and opening of the market for foreign companies are accountable for the unstoppable growth of the industry.

Although with 80.09% of share that is with a turnover of 510.3 billion INR (6.78 billion USD) GIC still dominates the market, the foreign reinsurers marked a turnover of 126.82 billion INR (1.68 billion USD) constituting 19.19% of market share. This is the data as per the financial report of the year 2020-2021.

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Know the Types of Marine Insurance

Know the Types of Marine Insurance

As you already know hundreds of ships travel to and from the Indian ports to different parts of the world carrying goods of extremely high worth. These goods are subjected to high risk as the behavior of the water bodies is highly unpredictable. Doesn’t this make insuring both- the people and the goods necessary? Therefore, marine insurance was introduced to ensure financial safety to the goods and men on board.

Let’s know a little more about marine insurance, its incorporation, and the types of marine insurance.

Marine insurance definition

In India, marine insurance is regulated by the Marine Insurance Act 1963. It is defined as the insurance that covers the loss or damage that might be caused to the ship, cargo, terminal, and the transport by which the goods are moved from the point of origin to the final destination.

It is a measure to secure the wealth of the shipping companies as well as the businessmen using the shipping services. It provides assurance and motivates them to undertake the risk involved in the transportation of goods through water bodies.

Despite taking all the necessary precautions and being fully equipped with the most advanced of the tools, nobody has control over natural happenings. Therefore, marine insurance is necessary.

Marine Insurance in India is available in various types. You must know the marine insurance features for each type to choose the best one suiting your needs. Let’s dive in.

Types of marine insurance:

Although all the insurances cover common losses like natural calamities, fire explosions, sinking, etc. There are differences between various kinds of marine insurances, want to know? Have a look:

1. Hull and machinery insurance

Both of these insurances are mostly issued together. Hull is the supporting body of the vessel, thus ensuring the hull helps shipowners in any mishap to the ship.

Machinery insurance covers the machinery of the ship. Both of these insurances cover any operational and mechanical losses that might occur to the ships.

2. Marine Cargo insurance

The voyage of the ship at the terminal is the most crucial part for the cargo owners. The shipments are subject to great risks of misplacement, damage, or other such losses. To prevent the losses of the cargo owners which may arise in such situations, marine cargo insurances are issued. It also consists of third-party liability insurance, that covers any losses that might be caused to the port because of your cargo. It also covers the goods throughout the voyage and while the goods are in transit.

3. Liability Insurance

The cargo is subject to a high risk of crashes, piracy attacks, and collisions. Along with the cargo, the life of the men working on the ship is also very high-risk. To avoid being responsible for any such losses, the shipowners opt for the right liability insurance suiting their needs.


In India, there are a plethora of companies that offer various types of marine insurance policies. The best way to purchase one for yourself is to compare, analyze the coverage and then decide.

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Keyman Insurance Policy and its Advantages

The Keyman Insurance Policy and its Advantages

Employees are the most crucial asset to a company. Be it a small-scale or a large-scale industry, skilled employees are valuable to all. It is impossible for any kind of organization to work efficiently and grow without proficient labor. This necessitates the need for an organization to insure itself against any loss that might occur in case of the loss of such employees. This is where the Keyman Insurance policy comes to play.

What is the Keyman Insurance policy?

Keyman policy is the policy wherein the employer is the proposer as well as the premium payer. The life insured under this policy is that of the employee but the compensation in case of the loss of the insured is paid to the employer.
Wondering what kind of losses can the death of an employee cause to the company? Here’s the answer:

  • The death of an efficient employee might lead to profit reduction for the company.
  • The company will have to spend money on the replacement of the keyman.

If the company has the keyman insured, the sum insured is paid to the company on the death of the employee. The sum received by the company is quite large and sufficient for the company to easily and smoothly overcome any losses and also employ new executives as a replacement. In case the insured survives the tenure of insurance the company is not liable to receive any kind of compensation or sum insured.

Who can be considered a keyman?

A keyman can be any employee of the company with special skills and important responsibilities of the company. The employee to be insured under this policy should contribute significantly to the profits of the company and whose loss might cause a financial strain to the organization. For example, Directors of the company, key project managers, etc. can be considered as keymen.

How can the Keyman Insurance policy be used?

The sum insured received against the policy can not only be used to hire and train new personnel but also for various other purposes too. It can be used to settle loans, offer salary continuation to the spouse of the lost, and also fund executive compensation plans.

Advantages of the Keyman insurance policy

Here are a few advantages of the policy:

  • The company receives compensation against the loss of the employee which helps it to carry out the business operations unhindered without much difficulty.
  • Helps the company to avail tax benefits as the premium paid by the company is subject to satisfaction for the assessing officer. Under Section 37(1) of the Income-tax act 1961, the premium for keyman insurance is considered a business expense.
  • It becomes easy to recruit and train new employees, handle debt and liquidation of the company, and even successfully sell the company when a business is covered by keyman insurance.
    Keyman insurance makes many difficult decisions simple. It is of utmost help in the case of a family business that is dependent on a few individuals. It assists a company to gain a little more resistance against financial strains and helps them to sustain in a better way.

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The Integrated Grievance Management System of IRDA

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The Integrated Grievance Management System of IRDA (IGMS)

An excellent grievance management system is something desired by all customers, isn’t it? All of us as consumers want our issues to be resolved quickly and without any hassle, and this is expected from all the industries, even insurance. So, to fulfill this expectation of its customers The IRDA as the regulator of the industry launched the Integrated grievance Management System.

Let’s Get a better insight into the Integrated grievance management system of the IRDA

What is IRDA IGMS?

It is an online customer grievance or complaint registration system launched by the IRDA in 2010. It is like a portal for the customers to connect with the insurers and get their issues resolved.

The IGMS has the online complaint management system of all the insurance companies linked to it. The customers can not just register their complaints but also track the progress of their complaint resolution. The Integrated Grievance Management system or the IGMS to the insurance policyholders also provides the facility to register their problems through a gateway in case they are not able to directly connect to their insurance company for some reason.

The IGMS also serves the purpose of being a tool to monitor the grievance redressal policies, methods, and duration of different insurance companies. The IRDA keeps a real-time and close watch of the complaints and their progress through the IGMS.

When should you contact The IRDA?

Every complaint or issue that an insurer has must be first registered with the insurance company and only if needed one should escalate it to the IRDA’s consumer affairs department. You must use the IGMS if your issue or issues are not solved by your insurer after 15 days of registering it.

If a policyholder registers a complaint with the IGMS, it is updated on the insurer’s system as well which is mirrored on the IGMS.

The link or contact of your insurer’s complaint redressal mechanism is mentioned on your policy papers.

What are the steps involved in the process of registering a complaint on IGMS?

There are three simple steps involved for registering and tracking your complaint:

  1. Register yourself by entering your details.
  2. Register your complaint.
  3. After registering your complaint, view the status to track its progress.

The IGMS is a comprehensive tool. It not only keeps a track of the complaints but also can classify them based on the pre-defined rules which are fed into it. It assigns, stores, and tracks unique complaint IDs. It is also programmed to define the “Target Turnaround Time (TATs) on all complaints and also keeps a record of it. It sets and sends alerts to the insurance companies regarding the pending tasks or if a complaint is about to exceed its assigned TAT.

It also has the ability to automatically trigger actions based on the rules of workflow programmed into it. The IGMS is a way for the IRDA to know the needs and expectations of the policyholders in a better way. And as responsible consumers, it is our responsibility to make the best use of the IGMS by providing the right information about our complaints and co-operating with the Insurance companies and the IRDA.

Author Bio

This article is written by Team InsuranceLiya.com, an independent website that writes about insurance, finance, health, and more. Our writers have a wealth of knowledge, experience, and degrees in the fields of insurance, finance, economics, and beyond.

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What is Insurance on Bank Deposits?

What is Insurance on Bank Deposits?

Ever wondered what if your bank runs out of funds? Who would lend you money and how? In such cases, there’s a little help that the RBI offers in the form of insurance on Bank Deposits. Let’s look into it in a little detail.

The Insurance on Bank Deposits is a protection cover against the losses that might occur if the bank fails or loses its financial ability to pay back to its depositors.

This is an extremely helpful policy as it prevents individuals and especially private business firms from losing their savings or capital. It also prevents the situation of panic and helplessness among the depositors in case a bank declares its solvency.

Although your money is insured, this does not mean that it gives you the freedom to take higher risks. You still need to be very careful before handing over your life’s earnings to any bank, as we all know a little precaution is essential at every step.

 

Here are a few things you need to keep in mind about insurance on bank deposits:

 

  1. This insurance policy is offered by Deposit Insurance and Credit Guarantee Corporation (DICGC), a subsidiary wholly owned by the Reserve Bank Of India (RBI). The DICGC insures all the savings, fixed deposits, current deposits, recurring deposits, and various other bank deposits exceeding Rs. Five lakhs. For all the deposits above this amount, the bearer will only be able to attain Rs Five Lakhs, inclusive of the principal and the amount of interest.
  2. Under this policy, the Deposit Insurance and Credit Guarantee Corporation covers all the commercial, rural, local, co-operative and International banks operating in India required that the bank buys the cover from RBI. Rush to your bank today to ensure that your bank is insured by checking it with your branch official.
  3. The deposits made in the same bank under a similar kind of ownership are regarded as one and clubbed together while calculating or providing the claim. On the other hand, funds deposited by the same person in different banks are regarded as separate and further processing takes place accordingly. So now, you know a trick for smart banking.
  4. Although this cover cannot be withdrawn by the bank, there are certain cases under which the corporation can cancel a bank’s cover. In any such cases, the depositors are to be informed through newspapers.


Thinking why you never got to know about this policy by looking at your bank statements?

Well, this is because the insurance premium for this cover is borne entirely by the bank and is part of their responsibility to ensure a safe banking experience for their customers. Even after the bank gets liquidated, it is its responsibility to make sure each and every depositor gets the compensation on time. In no case, there is direct contact between the depositors and the RBI.

The liquidated bank prepares a claim list and submits it to the DICGC. Only after two months from the date of receipt, the depositor is liable to receive the claim which is reimbursed by the liquidated bank.

Now you can take a sigh of relief as you know that your bank has a backup! But always remember your money is your responsibility and it is you who decides its fate, Happy Banking!

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The Insurance Institute of India

The Insurance Institute of India

As we all know, every industry requires trained professionals and experts for proper functioning and growth. Insurance is no different. The Insurance Institute of India was established to fulfill the purpose of training insurance professionals. It helps them gain expertise in various subjects related to insurance. Formerly known as the Federation of Insurance Institute, The Insurance Institute of India serves as the ultimate guide for professionals.

Let us dive a little deeper and know more about the renowned institution:

Formation

The thought of imparting the knowledge about insurance had prevailed in the minds of the insurers for a long time. It was one of the sole objectives of the Indian Life Assurance Offices Association (ILAOA). The association wanted to create a body that would help to impart knowledge about the principle of life assurance.

In the annual meeting of the ILAOA in April 1934, the concern regarding the deficiency of skilled professionals in the field of insurance was raised. This led to the appointment of a committee in the same year that was supposed to find out ways and methods of imparting education in the field. Universities were reached to include insurance as a subject in their existing syllabus. Ultimately, it was decided that a separate institute should be formed on the same lines as the Chartered Insurance Institute of London. Further proceedings took place and an institute for training professionals in this field was formed.

Objectives

Here are few objectives that the institutes work to fulfill:

  • The main objective of the Insurance Institute of India is to run a college, conduct examinations, oral and written in insurance theory, practice, and related subjects. They award certificates, diplomas, and degrees to interested and qualified candidates.
  • Offering necessary tuitions and supply reading material regarding various subjects of the insurance industry.
  • Granting scholarships, grants, and prizes for research and educational purposes related to insurance.
  • Ascertaining the laws and practices relating to all the matters relating to insurance and imparting knowledge regarding the same to the interested candidates.
  • Assisting the insurance industry to acquire the necessary expertise and skills needed to fulfill the demands of the multiplying customers.

Mission and Vision

The mission behind the formation and working of the institution is to impart systematic knowledge and training in the field of insurance. It also aims to create avenues for research and development in the respected field in order to convert unskilled individuals into highly efficient and skilled professionals to serve the insurance industry.

The institution is led by the following visions:

  • To become a prestigious name in imparting education in insurance, health, actuarial, and risk management in the Afro-Asian countries.
  • To raise the bar of efficiency and knowledge in the insurance industry around the globe.
  • To set up visual learning facilities to make insurance education unhindered.
  • To provide precise research, documentation, dissemination of information to the individuals, corporates, regulators, and the users of insurance.

Now that you know about the Insurance Institute of India, you’ve got a clear idea about where you must head-on if you’re looking forward to building a career in the insurance industry.

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Functions of Insurance Regulatory and Development Authority

Functions of Insurance Regulatory and Development Authority

You trust your insurance companies for the safe-keeping of your future, the dearest of your people, and the most valuable assets of yours. It surely might have crossed your mind that who makes these insurance companies trustworthy? Who ensures that they keep up with your belief and expectations? Here’s something to answer these questions.

It is the IRDA or the Insurance regulatory and development authority which works towards protecting the interests of the policyholders. It is the one that ensures that you don’t lose your hopes for a safe future.

It sets rules, regulations, and guidelines for the working of insurance companies, agencies, and intermediaries. It controls the insurance industry in India. The IRDA also regulates the rates and other charges related to insurance.

The sole objective of the IRDA is to ensure that the provision of the Insurance Act is enforced appropriately followed in a way that benefits the policyholders. There are various functions it performs to fulfil its objective and purpose of establishment.

Let’s take a deeper look into the functions of Insurance regulatory and development authority.


Functions of Insurance regulatory and development authority (IRDA)

  1. The first and foremost function of the IRDA is to protect the interests and secure fair treatment of the policyholders.
  2. Ensuring the growth of the industry is another most important function of the IRDA. While executing this function the authority has to keep in mind the benefits the growth will offer to the common man.
  3. Granting, Renewing, Modifying, Cancelling, or Withdrawing the IRDA certificates for the insurance companies.
  4. Laying down the code of conduct, the qualifications needed and the training to be given to the insurance agents.
  5. It also lays down the ways of working and the code of conduct for loss assessors and surveyors.
  6. Promoting fairness, transparency, and orderly conduct of the market players. It also helps create a reliable and high-standard management system to build a reputation of the insurance industry.
  7. Specifying the fees and charges for carrying out the functions of the authority.
  8. It undertakes inspections, audits, investigation, and calls for information of the insurance companies, intermediaries, and other companies related to the insurance industry.
  9. Another one of its very important functions is to take strict and immediate action against the companies that do not follow the guidelines. It also ensures to take stern measures against companies that are inadequate in enforcing the standards and measures as laid down by the authority.
  10. IRDA also decides and specifies the limits of rates that an insurance company can offer. It also looks after the advantages that the insurance companies provide.
  11. To look after the effective and speedy settlement of genuine claims. This helps in avoiding frauds and malpractices and in addressing the grievances of the policyholders.
  12. IRDA also makes sure that the insurance companies register themselves under it. This helps them to keep a check on the companies’ ways of working and standards.

Along with all of these, one of the important functions of Insurance regulatory and development authority is to guarantee the policyholder that the best of their interests are being taken care of.

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Difference between Life Insurance and General Insurance

Difference between Life Insurance and General Insurance

Doesn’t it keep haunting us all the time to think about the unpredictability of our lives and the unexpected things that keep bombarding us? The uncertainty of life makes it mandatory for each of us to have insurance policies to ensure not only our but our loved ones’ security and safety.

But just having insurance is of no help, we must make sure that we choose the right policy that fulfills its purpose and delivers the value we expect. For choosing the right policy, it is necessary to know the differences between the prevalent prominent policies. Here’s a little help to make you familiar with the difference between Life insurance and General Insurance, the two broad categories of the insurance industry.

Following are a few points to highlight the key differences between the two leading policies:

Differences between life insurance and general insurance

1. Purpose

The most significant difference between life insurance and general insurance is in the purpose they serve. Life insurance is the promise to compensate for the insured’s death, which means the family of the insured will receive a fixed amount after the death of the insured. The amount can also be availed right after the policy’s maturity. Whereas, general insurance protects the insured’s important assets. In addition, it provides compensation in case of financial losses caused due to natural calamities, theft, terror attacks, and any such unfortunate events.

2. Term of contract

Life insurance policies are long-term plans lasting for a minimum of 15-20 years. Whereas, general insurance policies may or may not be long-term plans. The tenure of the policies completely depends on the will of the insured.

3. Planning finances

In the case of life insurance, it can be used as a source of investment for several other financial goals or requirements such as retirement, a child’s education, and more. On the other hand, general insurance is a type of insurance that will only safeguard your valuables from any particular crisis as mentioned in the contract.

4. Value of the insurance

The value of a life insurance policy is fixed by and depends upon the policyholder. Factors like the needs and requirements of the policyholder, the capacity of the policyholder to pay the premiums, etc. play an important role in deciding the amount of the insurance.
As opposed to life insurance, the amount of general insurance depends upon the value of the asset or commodity insured.

5. Insurable interest

In the case of a life insurance policy, the insurer may only be present at the time of issuance, and may or may not be present at the time of the claim. However, In the case of general insurance, the policyholder has to be present at both times. But for policies such as health insurance, a relative of the insured person can make a claim on the passing of the insured.

The method and other factors regarding payment of premium for both the policies are more or less the same. It must be noted that both of these insurances are equally important to safeguard our savings, assets, and future. It is a must to know the difference between life insurance and general insurance to prioritize things as per our needs. Understand the difference and be ‘smartly-insured’!

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Crop Insurance in India

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Crop Insurance in India

Agriculture is the main profession of many people in various parts of the country. Therefore, Crop Insurance in India is given a lot of importance. In India, there are various companies offering crop insurance and various schemes initiated by the government. Let’s know about them in a little detail.

Crop insurance companies in India

Various General Insurance companies offer Crop Insurance in India, namely:

  • Bajaj Allianz General Insurance Company Ltd.
  • HDFC ERGO General Insurance Company
  • Reliance General Insurance Company
  • State Bank of India
  • Universal Sompo General Insurance Company Ltd.
  • Agricultural Insurance company of India
  • IFFCO-Tokio General Insurance Company
  • ICICI Lombard General Insurance Company
  • Future Generali India Insurance Company Limited
  • Cholamandalam MS General Insurance Company Ltd

List of crop insurance schemes in India

Agriculture is a major profession In India and one of the highest sources of income for the country. Therefore, to ensure that people do opt. for farming, the government runs various schemes in order to encourage people and provide coverage. Presently 4 schemes are being run by the government. Here is a description and list of Crop Insurance Schemes in India:

1. National Agricultural Insurance Scheme (NAIS)

It is a government-sponsored scheme and was implemented in the rabi season of 1999-2000. Its main objective is to provide financial support to the farmers in case the crops get harmed due to natural calamities, pests, and diseases. The implementing agency for the scheme is the Agriculture Insurance Company of India. The scheme is available to farmers irrespective of their size of holding. Both loanee and non-loanee farmers can avail the scheme. The scheme provides coverage for all food crops, oilseeds, commercial or horticulture crops.

2. Modified National Agricultural Insurance Scheme (NAIS)

To make the existing scheme of NAIS better, a committee was constituted by the government of India. On the recommendations of that committee, changes and additions were made to the scheme. To list a few:

  • The coverage of the claims is the liability of the company and only the upfront premium was to be shared by the state and central government.
  • A coverage for planting and sowing risks along with post-harvest losses due to cyclones in coastal areas is provided.
  • Payment of up to 25% of the claim immediately in order to provide instant help to the farmers.
  • The scheme is compulsory for loanee farmers and for the non-loanee farmers it is voluntary.

There were various other changes also made for the betterment of farmers and the agriculture industry as a whole.

3. Pilot Weather-Based Crop Insurance scheme (WBCIS)

WBCIS was launched with the objective to promote more farmers to take up crop insurance. It provides protection against weather conditions such as deficit and excess rainfall, temperature extremes, humidity, etc that would harm the crop adversely. It offers the advantage to settle claims at the earliest and in the shortest period as compared to the others.

4. Pilot Coconut palm insurance scheme (CPIS)

Implemented by the AIC this scheme is made available to farmers in selected states. It provides protection to the coconut plantations. Under this scheme, 50% of the premium is paid by the GOI, 25% by the state government, and the remaining by the farmers. The sum insured in this case is calculated on the basis of the input amount and age of palms.

The importance of crop insurance in India cannot be overlooked it not only provides financial aid but also helps the farmers to maintain credit flow and adopt progressive technologies for better yields.

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Chairman of Insurance Regulatory and Development Authority (IRDA)

Chairman of Insurance Regulatory and Development Authority

In this article, let us give you some information about the current chairman of the Insurance Regulatory and Development Authority of India (IRDA). First, let us tell you about IRDA in simple words. IRDA or Insurance Regulatory and Development Authority of India is the regulatory body that supervises and governs the insurance sector in India.

The primary purpose of IRDA is to protect the interest of the policyholders and ensure the development of insurance in India. IRDA oversees all life insurance, health insurance, and general insurance companies operating in India.

About the Chairman of IRDA

  • Debasish Panda, former DFS Secretary, and a retired IAS officer have been approved by the Appointments Committee of the Cabinet, as the chairperson of the Insurance Regulatory and Development Authority of India (IRDA).
  • Shri Debasish Panda is appointed as the chairman of IRDA on the 14th of March 2022.
  • The Insurance Regulatory and Development Authority of India (IRDA) has appointed Mr. Debasish Panda for an initial period of three years to serve as chairman.

Career of Debasish Panda

  • Mr. Debasish Panda is a IAS officer of the Uttar Pradesh cadre. Before being appointed as the chairman of the Insurance Regulatory and Development Authority of India, Mr. Panda served as secretary of the Department of Financial Services, Ministry of Finance, Government of India.
  • Mr. Debasish Panda also served on the board of various public sector banks and insurance companies. And was also on the board of directors of the Reserve Bank of India (RBI).
  • Mr. Panda also served as Special Secretary and Additional Secretary (Financial Services) at the Government of India.
  • Mr. Debasish Panda also served as a District Magistrate in Tehri, Deori, Uttarkashi & Ghaziabad District. He also was designated as the Principal Secretary ( Home & Vigilance ) and also held the position of dual charge of Resident Commissioner of Uttar Pradesh.
  • Mr. Panda also worked as Chief Executive Officer (CEO), of the Greater Noida Development Authority.

Academic qualifications

Following are the educational qualifications of Mr. Debasish Panda.

  • Mr. Debasish Panda is a master’s degree holder in Development Management. He also holds a Masters of Philosophy (M. Phil) degree in Environmental sciences.
  • Mr Debasish Panda has also gone through foreign training in Public Administration from The United States of America and Philippines.

Former Chairman

The former Chairman of the Insurance Regulatory and Development Authority was Dr. Subhash C. Khuntia. He took over the position in May, 2018 and his tenure is of three years from the date of joining.

Dr. Subhash C. Khuntia has had a career of over 36 years in Civil services. He has worked as a Chief Secretary under the Government of Karnataka and previously he worked as the Secretary of School Education and Literacy under the central government of India in the ministry of Human Resource Development (HRD).

His appointment as the Chairman was announced by the department of personnel and training after the Financial Sector Regulatory Appointment Search Committee (FSRASC) confirmed his candidature. In 1981, he was appointed to the Indian Administrative Service (IAS). Mr. Khuntia belonged to the Karnataka cadre. He has served in various departments under the government of Karnataka at various posts.

Some of the departments he has served are, Departments of Finance, Revenue, Personnel, Urban Development, Rural Development, and Public works and ports. In addition to this, he has also served under the central government of India in numerous ministries. To name them he has served the ministry of finance, ministry of human resource development (HRD), and the ministry of Petroleum and Natural Gas.

Dr. Subhash C. Khuntia, the Chairman of Insurance Regulatory and Development Authority is an alumnus of the India Institute of Technology (IIT), Kanpur. From IIT Kanpur he completed his post-graduation in Computer Science and Physics. Furthermore, he has a Ph.D. in economics and is a graduate in Law. He hails from the Jagatsinghpur district of Odisha.

Dr. Subhash C. Khuntia succeeded the former Chairman of Insurance Regulatory and development authority, TS Vijayan who completed his tenure on February 20. Dr. Khuntia was nominated by the Financial Sector Regulatory Appointment Search Committee (FSRASC). The Financial Sector Regulatory Appointment Search Committee shortlisted eight candidates for the post out of which TS Vijayan was chosen.

The other candidates nominated by the FSRASC included G. Srinivasan, the Chairman of New India Assurance Company; Insurance Corporation Chairman VK Sharma; Badri Singh Bhandari, whole-time director of the Pension Fund Regulatory and Development Authority; former corporate affairs secretary, Tapan Ray; Nilesh Sathe, a current IRDA member along with three managing directors of LIC. Before Dr. Khuntia and T.S. Vijayan, there were three previous chairmen IRDA had- S. Rangachary, C.S. Rao, and Hari Narayan. Ranghachary had a background in the Indian Revenue Service and the other two, C.S. Rao and Hari Narayan were from Indian Administrative Services.

The position of the Chairman of IRDA is of high prestige, the Chairman is considered to be the head of the Insurance Regulatory and Development Authority which lies above all the insurance companies in India and regulates their working. This automatically makes the Chairman the regulator of all these companies too. As of now, there are 34 non-life insurance and 24 life insurance companies approved and working under the IRDA. This means that Dr. Khuntia is not only the head of one organization but also the regulator of all of the 58 companies working under the regulatory body.

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