Prabodh Chander is a senior consultant with the insurance group of Khaitan Legal Associates. Prabodh Chander is a former executive director of the Indian insurance regulator, the Insurance Regulatory and Development Authority of India (“IRDA”) and Pension Fund Regulatory and Development Authority (“PFRDA”) and has been associated with the Indian insurance industry for over three decades. He is presently an Advocate enrolled with the Bar Council of Delhi and is also a qualified Arbitrator and Mediator.
He started his career in the insurance industry with New India Assurance Co Ltd in 1977 and has worked in various fields of general insurance before he joined IRDA in 1996. During his tenure at IRDA (March 1996 to November 2010) including a brief stint of deputation to the PFRDA, he led the IRDA team in formative years to establish the Indian regulatory systems, rules and regulations. He has also extensively travelled abroad for training and study of foreign jurisdictions in the fields of financial and insurance supervision. He has represented IRDA on various committees internally and to the Government including other regulatory bodies.
Prabodh Chander played an important part in different departments and functions of IRDA inter alia including (a) licensing of insurance carriers and all other insurance intermediaries (b) practical interpretation and application of insurance law – regulations and guidelines; (c) functional areas of general insurance including re-insurance and regulatory oversight of the life insurance business; and (d) regulatory supervision and guidance.
Prabodh Chander continues to be associated with different causes of the insurance industry and lends his expertise as an independent consultant to insurers, intermediaries and representative bodies in the insurance sector. He divides his time between New Delhi, Hyderabad and Mumbai.