External Candidates applying for posts of CMDs of PSU general insurance companies, the candidates should have minimum 21 years of experience with at least 15 years oof’experience in nonlLife Insurance (including general and health insurance) sector of which at least 2 years should be at the Board level or at least 3 years should be at the highest level below Board level (to be held on substantive basis.
New Delhi: The government since Oct 4 has thrown open one post of managing directors(out of four posts) in Life Insurance Corporation9LIC) and all the posts CMDs at PSU general insurance companies for the private sector professionals.
The Appointments Committee of the Cabinet, from time to time, has approved guidelines for appointment of Whole-Tirne Directors on the board of public sector insurance companies.
In order to have uniform sequencing of eligibility criteria and to align the same with the changing Insurance industry, the ACC, in supersession of all the earlier guidelines on the subject, has approved the revised consolidated guidelines for appointment of whole-time directors on the board of public sector insurance companies.
These revised consolidated guidelines shall be applicable from the date of approval by the ACC . In cases where the Financial Services Institutions Bureau (FSIB) has initiated the selection process but the candidate / panel recommendation is pending with FSIB, these revised consolidated guidelines shall apply.
However, in case the FSIB has already sent the recommendation to Department of Financial Services, the process shall be completed as per earlier guidelines, said the guidelines approved by the ACC.
Chairman-cum-Managing Director, Non-Life Public Sector Insurance Companies
Age & Residual Service
The candidates should have minimum 45 years ofage and 2 years ofresidual service [treating 60 years as the age of superannuation]
For Internal Candidates:
Minimum 1-year service as Executive Director or a total of 2-year service as General Manager or above in Non-life Public Sector Insurance Company on the date of vacancy.
For External Candidates:
The candidates should have minimum 21 years of experience with at least 15 years oof’experience in nonlLife Insurance (including general and health insurance) sector of which at least 2 years should be at the Board level or at least 3 years should be at the highest level below Board level (to be held on substantive basis.
One post of LIC MD
For the private sector candidates who are applying for one post of MD at LIC, the candidates should have minimum 45 years of age and 2 years of residual service (treating 60 years as the age of superannuation), the candidates should have minimum 21 years of experience with at least 15 years of experience in the life insurance sector of which at least 2 years should be at the Board level or at least 3 years should be at the highest level Board level
Three positions of MD shall be filled from the intemal candidates from LIC. Executive Directors/Zonal Manager (Selection Grade) with at least one-year service at that level shall be eligible.
The requirement of experience may be relaxed with the approval of the ACC, if sufficient candidates are not available.
For open position:
One position of MD will be open for all the eligible candidates from both public and private sectors. The eligibility criteria shall be-from the date of coming into force of these guidelines, the first vacancy for ihe position of managing director (MD) in LIC shall be treated as an open vacancy.
The period of appointment to the post of Managing Director of LIC shall be for five years or the date of superannuation [treating 60 years as the date of superannuation], which ever is earlier.
The managing director will be eligible for a fresh tenure beyond the period of five years up to the date of superannuation with the approval of the ACC.
For both LIC MD and PSU general insurance companies the selection process shall be in accordance with the Financial Services Institutions Bureau (FSIB).FSIB may hire the HR agency for carrying out the behavior and competency assessment of the candidates.
The HR agency would be confined to only doing preliminary assessment about applicants.There shall be no marks for APARs. Candidates shall be awarded marks out of 100, on the basis of performance during interaction with FSIB.
Also for the private sector candidates applying for the position of CMDs of PSU general insurance companies , clearances from Intelligence Bureau (IB) and IRDAI shall be required before submission of proposal to the ACC.