Senior IAS officer Subhash Chandra Khuntia, who has been appointed the new Chairman of IRDAI, will be greeted by a calm industry which is awaiting strong winds of change.

The calm, however, could be deceptive – the challenges for him are diverse and manifold, ranging from key financial aspects to digitisation and policyholder protection, among others.

However, his PhD in Economics and Masters in Computer Science, along with his proven track record in digitisation-related matters during his stint at the Ministry of Human Resource Development, may come handy.

Khuntia also spearheaded technology-led changes in agriculture, finance and railways in various capacities.

On the financial front, initial public offers (IPOs) of insurers call for immediate attention as the response of retail investors to the IPOs of two public sector general insurance companies – New India Assurance Company and General Insurance Corporation of India – last year, was not too encouraging.

Few other insurers, including National Insurance Company (NIC), have been working on IPO plans and, according to sources, clearance of a few proposals could be the first major task for the new regulator.

 

Ensuring a smooth rollout of the recently announced flagship national health insurance scheme and its success will need administrative acumen with a fine balancing of industry concerns and policyholders’ protection.

This could be a major litmus test for the new incumbent, given the primacy of the scheme for the people and the government.

Driving digitisation and boosting e-commerce will also be a priority. The e-commerce norms, which were to be announced last year, have been delayed and are expected to be cleared by Khuntia.

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