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Headline : Govt appoints insurance professionals in the boards of PSU insurance companies
News Date : Oct 02, 2017
Source : AIP News Bureau
Out of 15, nine are retired public sector general insurance executives

New Delhi:

Though, many party functionaries from the ruling Bhartiya Janata Party(BJP) have been appointed as the non-official directors in some of the public sector companies, the centre has inducted some retired officials from the public sector insurance companies into the boards of Life Insurance Corporation, New India Assurance(NIA), National Insurance Company(NIC), United Insurance Company(UIC),Oriental Insurance Company(OIC)  and GIC Re.   


Out of 15 who have been named as the non official directors, 9 are retired officials from PSU insurers. This is for the first time that so many retired officials of the public sector insurance companies have been named as the non official directors of  state owned insurance companies. 


``The Appointments Committee of the Cabinet (ACC) has approved the proposal of the Department of Financial Services for appointment of 15 persons as Non Official Directors on the Board of Public Sector Insurance Companies for a period of three years from the date of notification of their appointment, or until further orders,’’ said a note from the ministry of finance(MoF) issued last week.

Three senior professionals, Bimalendu Chakrabarti, former CMD of NIA, R. Chandrasekaran, a former general manger of GIC Re, Ravindra Nath Chatuvedi have been appointed as the non-official director of LIC.


V. Ramasamy, former CMD of National Insurance Company, G. B. Pandey, a former official of LIC, and AP Singh, a former official of LIC, have been inducted into the national reinsurer GIC Re,

Sanjeev Kumar Chanana, a former general manger of OIC and Kuldip Singh, a former general manger of NIC and Samir Kumar Banerjee have been appointed in the New India Assurance.

Milind Anna Kharat, former CMD of United India Insurance, Panchanan Nayak, a former director and general manager, UII, Aseem Chawla have been added as non-official director of Delhi based Oriental Insurance Company(OiC).

Parijat Dutta, a former general manager of GIC Re has joined UII, Sivaraman M, former CEO of GIC Housing Finance and ,Sudhakar Padhi have been inducted into the board of Kolkata based NIC.

While some CMDs of the PSU insurance companies have welcomed the move, others have skeptical about the effectiveness of the step to improve the professional standards of their companies.   

The guidelines on Central Public Sector Enterprises (CPSEs) issued by the Department of Public Enterprises (DPE) in August 2015 as well as those issued by the department of personnel and administrative reforms in February, 2017, unanimously stipulate that persons nominated as non-official directors of CPSEs should be “professionals of repute having more than 15 years of relevant domain experience in fields relevant to the company’s area of operation”, “persons of eminence with proven track record from industry, business or agriculture or management.”


The centre has also announced the appointments some of party functionaries of ruling party BJP in some of the public sector companies.


These include ONGC (Sambit Patra), Engineers India Ltd (Shazia Ilmi), Cotton Corporation of India Ltd (Rajika Kacheria), Hindustan Petroleum Corporation Ltd (Asifa Khan), Bharat Heavy Electricals Ltd (Surama Padhy), Bharat Petroleum Corporation Ltd (Tamilisai Sounderarajan), State Trading Corporation (Bharatsinh Prabhatsinh Parmar), Export Credit Guarantee Corporation Ltd (S. Malathi Rani), Andrew Yule & Company Ltd (Sipra Goon), National Handloom Development Corporation Ltd (Shikha Roy) and National Aluminium Company Ltd (K.G. Sinha).




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