Former chief secretary of Karnataka, Subhash Chandra Khuntia has been selected to head the Insurance Regulatory and Development Authority of India (IRDAI), the government said in a notification.
The position of IRDAI chief has been lying vacant for the past two and a half months, since the five-year term of former chairman TS Vijayan ended on February 20. The new chairman is likely to join 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," Khuntia told Bloombergquint over the phone.
A 1981-cadre IAS official from Karnataka, Khuntia will assume the chairman position for a period of three years from the date of joining, according to a statement released by the Department of Personnel Training (DoPT) on Tuesday.