Mumbai/New Delhi
On Saturday, the centre has appointed Satyajit Tripathy,57, director, New India Assurance(NIA), as the CMD of Chennai based United India Insurance(UII), the second largest general insurer in the country.
The Appointments Committee of the Cabinet (ACC) has approved the proposal of the Department of Financial Services for appointment of Tripathy as CMD of UII till Feb 2024,'' said an order by the ACC, headed by the Prime Minister Narendra Modi.
Tripathy, who was a reserve candidiate for the top post at UII, has tan charge on Sunday in Mumbai,…
Though,earlier the Banks Board Bureau(BBB), the recommending body for the appointment of CMDs,CEOs and MDs of public sector banks and insurance companies,had chosen Inderjeet Singh,general manger, NIA, for UII's top position, it couldn't be approved by the ACC for some technical reasons, source said.
The post of CMD, at UII, had fallen vacant after Girish Radhakrishanan had retired in June
Tripathy, a crop insurance expert, had started his career in 1988 with GIC Re as a agriculture specialist and had recently joined NIA as one of the directors of the company..
He has also served in the investment department of GIC Re for number of years.
Tripathy is the second GIC Re official, after Suchita Mehta whi had taken over as CMD of National Insurance Company, to be appointed as a CMD of a primary general insurer.in recent times. ,
He will be heading UII, which is currently facing many financial challenges including, making net losses and not having the required solvency ratio of 1.5, said analysts.
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.