New Delhi:
Finally,the government has set the date on August 27 to kick start the process to appoint two CMDs- of Mumbai based GIC Re and New Delhi based Agriculture Insurance Company(AIC)- and two managing directors MDs) of the Life Insurance Corporation(LIC).
A panel constituted by Banks Board Bureau (BBB) would interview a few senior officials from the state owned general insurance companies and Life Insurance Corporation on next Tuesday to select the two CMDs and two MDs of LIC.A communication on the interviews has reached the PSU general insurnace companies and LIC on Monday evening.
Alice Vaidyan, CMD, GIC Re had retired on July 31 while T Alamelu, CMD , AIC was appointed as the member(non-life), IRDAI. Two posts of MDs at LIC had fallen vacant after B Venugopal and Hemant Bhargava had retired in May end and July end respectively. Both the companies are currently being managed by temporary arrangements.
It was expected like the practice followed in the public sector banking industry, that the governmet may spilit the post of chairman and managing director(CMD) of GIC Re and AIC in to two posts, a managing director and chief execitive officer and a non-executive chairman, but it hasn't happened.
The senior official of the state owned general insurance companies who have been shortlisted for the interview are – M Poddar, general manager(GM), National Insurance Company, Dinesh R Waghela, GM, Oriental Insurance Company,SN Rajeswari, GM, New India Assurance, DTV Sashtri, GM, United India Company,Deepak Prasad, GM, GIC Re , Anil Shristav, GM, OIC, Devesh Shristav, GM, GIC Re, M and Bullaswami, GM, NIA.
Among the senior officials, who have been called for the interview for selecting two MDs of LIC are- MK Gupta ED, Personnel. Raj Kumar CEO, LIC Mtual Fund , HS Sasikumar, ZM,Bhopal, S Nallakuttalam.
The LIC, with two MDs, is currently headed by chairman MR Kumar
Irrespective of seniority in the public sector general insurance industry,the government , in the last couple of appointments, has preferred an official with long experience in reinsurance business, mostly a GIC Re insider,to head GIC Re.
Recently, the government had constituted a seven-member panel, headed by BBB chairman B P Sharma, to select chairman and managing directors of public sector insurance companies.The other members of the panel are Financial Services Secretary, Department of Public Enterprises Secretary and Chairman of Insurance Regulatory and Development Authority of India, .
Besides, three insurance sector experts — G N Bajpai and Mathew Varghese — have been appointed on the selection panel.
The other members of the panel are Financial Services Secretary, Department of Public Enterprises Secretary and Chairman of Insurance Regulatory and Development Authority of India, sources said.
Rajeev Chaudhary, general manager, AIC, has been appointed as the acting CMD of the company for six months. M Sashikala,director & general manager and Reena Bhatnagar, general manager, have been asked by the ministry of finance(MoF) to discharge the function of chairman & managing director from Aug 1.