After interviewing 20 candidates, FSIB has chosen Arvind Logani and YK Shimray(for New India Assurance), Inderjeet Singh and Madhulika Bhaskar(GIC Re), Rajeshawri Singh and Navneet Doda( for United India Insurance) and PR Chittaranjan and Geeta Santaseelan(for Naitional Insurance Company), RR Singh and Sunita Nagpal(Oriental Insurance Company)
New Delhi:
After almost a year, the FSIB(Financial Services Institutions Bureau), the newly set up head hunting agency for selecting top management of PSU banks and insurance companies, on Monday, has selected 10 senior officials of PSU general insurers as GMDs(general manger and directors) for four PSU general insurers and GIC Re.
After interviewing 20 candidates for 10 vacancies of GMDs, FSIB has chosen Arvind Logani and YK Shimray(for New India Assurance), Inderjeet Singh and Madhulika Bhaskar( GIC Re), Rajeshawri Singh and Navneet Doda(United India Insurance) and PR Chittaranjan and Geeta Santaseelan(for Naitional Insurance Company), RR Singh and Sunita Nagpal(Oriental Insurance Company).
After selections by the FSIB, the ministry of finance(MoF) will start its due diligence process including vigilance clearance for all these officials before seeking the approvals of the Appointments Committee of the Cabinet(ACC) headed by the Prime Minister and the whole process will take another two to three months.
Six out of 10 officials have less than one year of services including Doda who has just two months to retire. Longani has just four months and Shimray has six months of services left.
All the posts of GMDs across PSU general insurers and GIC Re were lying vacant for almost a year as those who were earlier selected by the BBB, which was replaced by the FSIB in June this year, had to quit en masse at the instruction of the government after Delhi High Court, had struck down BBB’s power to select GMDs of PSU general insurance companies.
Some of the GMDs who have been selected now by FSIB, were already holding the post before October 2021.
Sources in the industry point out that now that exercise to appoint GMDs are over, the GIPSA companies, including four general insurers and GIC Re, will select new general managers.