New Delhi: Former LIC chief T S Vijayan Thursday took over as the chairman of the Insurance Regulatory and Development Authority (IRDA).
Vijayan succeeds J Hari Narayan who completed his five-year term yesterday. IRDA chairperson's tenure is for five years or till the age of 65 years.
An IRDA statement said Vijayan has taken charge as its chairman today.
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.
This marks a comeback for Vijayan, who was battling corruption allegations with regard to investment decisions made by LIC during his tenure.
In May 2011, Vijayan was removed from the post of LIC chairman and appointed managing director at the state-owned insurance giant.
Last year, the Central Bureau of Investigation (CBI) and the Finance Ministry gave him a clean chit.
The government in October 2012 had invited applications for the post of IRDA chairman.