T S Vijayan is new IRDA chief

T S Vijayan, former chairman of the Life Insurance Corporation of India (LIC) has taken over as chairman of the Insurance Regulatory and Development Authority (IRDA).

Vijayan, 60, takes over from J Hari Narayan who ended a five-year tenure on Wednesday.

The IRDA head is appointed for a term of five years or till the age of 65 years.

An IRDA statement said Vijayan has taken charge as its chairman today.

It is a comeback for Vijayan who was demoted to managing director of LIC following charges of financial irregularities. He had also taken voluntary retirement in November 2012.

Vijayan, who was battling corruption allegations with regard to investment decisions made by LIC during his tenure, however, got a clean chit from the Central Bureau of Investigation (CBI) and the finance ministry.