Former LIC chief T. S. Vijayan, on Thursday, took over as the Chairman of the Insurance Regulatory and Development Authority (IRDA).
Mr. Vijayan succeeds J. Hari Narayan who completed his five-year term on Wednesday. IRDA chairperson’s tenure is for five years or till the age of 65 years.
Mr. Vijayan assumes office at a time when industry is facing a slowdown. He faces the task of taking insurance to rural markets. Simplification of insurance products will be another challenge for him. — PTI