The Appointments Committee of the Cabinet (ACC) has approved the appointment of Dinesh Pant, currently managing director of Life Insurance Corporation of India (LIC), as Member (Actuary), and Girija Subramanian, current chairman and managing director (CMD) of New India Assurance, as Member (Distribution) of the Insurance Regulatory and Development Authority of India (Irdai). According to reports from Business Standard, these appointments represent key leadership additions to the insurance regulatory body.
The new appointees will be appointed for a period of five years from the date of assuming charge of the post, or until attaining the age of 65 years, or until further orders, whichever is earlier. As reported by Business Standard, this standard tenure structure applies to both new positions, ensuring stability in regulatory leadership. The government has now implemented the new rule where a member of IRDAI can have a 5-year tenure at IRDAI as the recently passed Insurance Amendment Act allowed such a change. Earlier the members used to have three-year tenure or till they reach 62 which is now increased to five-year or till they reach 65.
Deepak Sood, Member (Non-Life), has been given an extension of two years with effect from October 27, 2026, while Rajay Kumar Sinha, Member (Finance and Investment), has also been granted a two-year extension with effect from January 24, 2027. According to Business Standard, these extensions maintain continuity in the regulatory leadership structure. Both extensions are from the date of their retirement till they reach 65 years of age.
Girija Subramanian will be retiring from NIA by July end, while Dinesh Pant would have retired from LIC on May 31, 2027, after turning 60. These appointments ensure smooth transition and maintain regulatory continuity during the leadership changes.
