Over a dozen of candidates, including two CMDS from PSU general insurance industry, are in the race to become a member (nonlife) of IRDAI.
The powerful Financial Sector Regulatory Appointments Search Committee(FSRAC) headed by the cabinet secretary, PK Sinha will be holding the interview on Jan 10 to select a new member (Non-life), IRDAI.
The post will fall vacant after PJ Joseph retires on Jan 13 after reaching 62 and completing his almost three-year tenure at the IRDAI.
Among those who have applied for the post are- AV Girija Kumar, CMD, Oriental Insurance Company(OIC), TL Alamelu, CMD, Agriculture Insurance Company,,Siddarth Pradhan, director & general manager, National Insurance Company(NIC), John Pulliantham, general manager & director, NIC, C Narambunathan, director & general manager, New India Assurance(NIA). SN Rajeswari, general manager, NIA,George E Thomas, professor Insurance Institute of India..
“Though, the interview will be held on Jan 10, nobody knows when the government will be finalising the name. With Joseph retirng on Jan 13, Sujay Banerjee, member(Distribution).is likely to hold the additional charge of member(Non-life) till a regular appointment is done,'' said sources..
While the government had simultaneously had asked for applications from the prospective candidiates to fill up the impending vacancies of two members- life and non-life- at the insurance regulator, it has not decided the date for the interview to select a new member for life portfolio to succeed Nilesh Sathe who is still having a couple of months to go.
Normally, an executive director of LIC is chosen as a member(Life) at the IRDAI.
Meanwhile, with all the four existing MDS, Usha Sangwan has already retired on Sep 30, and chairman of LIC retiring in next six to seven months, It is practically raining jobs for the serving senior and retired officials of the Life Insurance Corporation(LIC).
VK Sharma, chairman, LIC, will be retiring this month end and Hemant Bhargava, managing director, who is retiring in July 2019, may be made the acting chairman of the corporation immediately after Sharma for the time being..
The government has already initiated the processes to identify the new MDs and chairman among the senior officials of the corporation.According to sources, five EDs, who are having more than two years of residual services and waiting in the wings to be promoted as chairman and managing directors of the corporation include MR Kumar (head of Northern Zone), Vipin Anand (head of Western Zone), Raj Kumar (MD & CEO of LIC MF), R Ganesh and Mukesh Gupta.
In the last 15 years, the government has followed the principle of seniority while appointing the chairman of the corporation.
V Manickam, secretary general, a former executive director at LIC, will also be calling it a day shortly after completing his five-year stint at the Life Insurance Council, the self regulatory organisation of the life insurance industry. .
Here again, as the practice goes, a senior retired LIC official may be appointed to succeed Manickam.
The government has also advertised to fill up vacancies for the eight posts of Insurance Ombudsdmen. Over 170 candidiates have applied for these posts out of which 70 are from the insurance industry.
Meanwhile, PSU general insurance industry recently has promoted 52 official as deputy general managers(DGMs).
In a major departure from the earlier practice, majority of new DGMs will be retained in their parent companies. Some of the officials who had got their last promotions two years back have been promoted as DGM whereas the normal practice was to choose officials who had got their last promotions three to four years back..
“Just one or two promoted DGMs from each of the four PSU general insurers and GIC Re, will be moved out in contrast to the earlier practice where almost all the officials after promotion were sent on deputations to other companies,’’ said sources at the PSU general insurance companies.
It is expected that the new system would help PSU general insurance companies to function more efficiently as shifting out officials at DGM level was forcing them to adopt to a new situation and culture of the new companies affecting their performance.
“We may be all PSUs in the business of general insurance business, but our overall culture and orientation are different from one another. We also compete for the same business,’’ said sources..
In PSU general insurance industry, till Chief manager/ AGM, officials can continue in their own company and above these level, at DGM and GM level, they are shifted out to other companies..