Hitesh Joshi, acting CMD, GIC Re
“The competent authority has approved the entrustment of the financial and administrative powers and functions of the Chairman-cum-Managing Director (CMD), General Insurance Corporation of India (GIC-Re) to Hitesh Ramesh Chandra Joshi,
ED), GIC-Re with effect from 1 st October 2025, for a period of three (03) months.or until a regular CMD is appointed, or until further order, whichever is earliest,” said order from ministry of finance
New Delhi: The government on Friday has appointed Hitesh Joshi,56,senior most exceutive director, GIC Re, as acting CMD of GIC Re for three months since Oct 1. The post has fallen vacant after N Ramaswamy retired from the post on Sep 30.
“The competent authority has approved the entrustment of the financial and administrative powers and functions of the Chairman-cum-Managing Director (CMD), General Insurance Corporation of India (GIC-Re) to Hitesh Ramesh Chandra Joshi,
ED), GIC-Re with effect from 1st Oct, 2025, for a period of three (03) months.or until a regular CMD is appointed, or until further order, whichever is earliest,” said an order of ministry of finance on Friday.
Analysts point out that it may take sometime for appointing a regular CMD at GIC Re, the largest reinsurer in the country. as the government, since Oct 4, has thrown open all the posts CMDs at PSU general insurance companies includiug GIC Re for the private sector professionals.
Going by the normal procejures, the government through FSIB, the head hunting institution for selecting senior management(abole executive directors) of PSU financial institutions, will now advertise for the post of GIC Re to be followed by shortlisting of candidates and interviews and all these exercises will take time.
After a candidate is selected, his/her name needs to be approvede by the Appointment Committe of Cabinet(ACC) which minimum will take more than a month.
According to the recent ACC note issued on Oct 4, a private sector candidate should have minimum 21 years of experience with at least 15 years of’ experience in non-life 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.
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