T. S. Vijayan, the former LIC chief took over as the Chairman of the Insurance Regulatory and Development Authority (IRDA) on 21 February 2013. Vijayan will succeed J. Hari Narayan. J. Hari Narayan completed the five-year term on 20 February 2013.
The tenure for IRDA chairman is five years or till 65 years.
T. S. Vijayan will take over as the Chairman of IRDA when the entire industry is facing meltdown. The challenges which will be faced by him include taking the insurance industry to rural areas as well as simplifying the insurance products.