He replaces Debasish Panda (Retd IAS: 1988: UP) who completed his term in March this year. Previously his name was also being floated for the Executive Director at IMF.

The appointment of the new IRDAI Chairperson is crucial, especially with the Insurance Amendment Bill 2025 expected to be tabled in the upcoming Monsoon Session of Parliament, proposing significant reforms like 100% Foreign Direct Investment in the insurance sector. IRDAI is an autonomous and statutory body under the jurisdiction of Ministry of Finance, Government of India. It is tasked with regulating and licensing the insurance and re-insurance industries in India.