India’s regulator IRDAI gets new head

Former chief secretary of India's southwest state of Karnataka, Subhash Chandra Khuntia has been selected to head the Insurance Regulatory and Development Authority of India (IRDAI), according to a May 2 Bloomberg News report.

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 report noted.

The new chairman is likely to join in a month once the Central Vigilance Commission's (CVC) clearance is completed, a senior finance ministry official close to the development reportedly said.

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).

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