Mumbai:
MN Sarma,61, former CMD of United India Insurance, has been selected as the new secretary general of the General Insurance Council, the official representative body of the Rs 1,7 trillion Indian general insurance with 34 non- life and 10 reinsurers.
Along with Sarma, CR Vijayan,a former director of GIC Re,has been chosen as the deputy secretary general of the GI council.This is for the first time that GI Council will have a post of deputy secretary general since it was formed in early 2000.
Sarma was chosen out of five candidates who had appeared for the interview on May 29.He had retired as UII CMD in May 2018 and would join the council on Aug 1.
R Chandrasekaran,66.secretary general, GI Council, since 16th November, 2011 will be calling it a day in July end after getting extension twice in the last eight years.
Five members of the executive committee of the GI Council- A V Girija Kumar, CMD, Oriental Insurance Company, Anuj Gulati, Religare Health Insurance Co, Ritesh Kumar, MD & CEO,HDFC Ergo General Insurance, Alice Vaidyan, CMD, GIC Re, C R Biswal, former additional chief secretary, Andhra Pradesh- had interviewed the five candidates to select the new secretary general of the council on May 29.
Earlier, the GI Council and Life Insurance Council have decided to put a retirement age for post of secretary general at 65 .
Set up under section 64C of the Insurance Act, 1938, since 2001, by the Insurance Regulatory and Development Authority of India (IRDAI), the GI Council is an important link between the insurnace regulator and the non-life insurance industry. It also pushes for the industry’s issues with the government.
While the council plays the role envisaged for it by the Insurance Act, it also facilitates overall growth for the industry in a fair and equitable manner in the interest of all stake holders.
GI Council is headed by the senior most CMD of a PSU general insurers and is currenly headed by OIC's Girija Kumar.
The GI Council has worked extensively in area of developing data repositaries in all segments of the industry.