New Delhi:
The government, on Friday,has cleared the appointment of Suchita Gupta,58,general manger, GIC Re as the CMD of Kolkata based National Insurance Company(NIC).
However, it is yet to notify the the appointment of Indrajit Singh, general manager, New India Assurance, as the CMD of Chennai based United India Insurance.
Gupta has been appointed as the CMD of NIC till Aug 31, 2023.
Gupta is a general nanager, company secretary & chief financial officer of GIC Re and was heading departments like Finance, Life Re & Health, CMD & Board Secretariat, Coordination, Compliance, Investment (Mid & Back Office) of the corporation.
She joined the General Insurance Corporation of India as a direct recruit officer in 1987 and holds master’s degree in commerce and a bachelor’s degree in Law from University of Mumbai.
She is a fellow member of the Insurance Institute of India and the Institute of Company Secretaries of India.
This is also after long years government has appointed a senior official of GIC Re as the CMD of a state owned primary insurer.
Earlier Banks Board Bureau(BBB), the head hunting agency for all the senior posts( above directors) at banks and insurance companies had selected Gupta as the CMD of NIC while choosing Singh as the CMD of UII.
Both the posts, CMD of NIC and UII, had fallen vacant since July 1.
Currently, both the comanies are facing many financial challenges including, making losses and not having the required solvency ratio of 1.5.
The Union Cabinet earlier had also decided to increase the authorised share capital of NIC to Rs 7,500 crore and that of United India Insurance Co Ltd (UIICL) and Oriental Insurance Co Ltd (OICL) to Rs 5,000 crore each to give effect to the decion to infuse capital of over Rs 12000 crore in trenches.
Meanwhile, ministry of finance has also notified the appointments of Mini Ipe and Vishnu Patanaik as the managing directors of Life Insurance Corporation.
Ipe will take over as one of the MDs of LIC on Monday against the vacancy after Vipin Ananad retires on Saturday.while Patanaik will join the corporation in October after Mukesh Gupta, MD, retires in September end.