Singh, who is supposed to retire in June end, will now opt for VRS to take charge of his new assignment at the GI Council at the earliest.

The council will also have a new chairman shortly as Anjan Dey, CMD, Oriental Insurance Company(OIC), who is also heading the council, has quit OIC  

The council is meeting on Jan 19 to select a new representative of PSU general insurance companies to replace Dey, who will be made the new chairman

New Delhi;

After a bit of search, General Insurance Council(GI Council), the official self regulatory  organisation(SRO) of the domestic general re/insurance industry, has appointed Indeerjit Singh,59,director and general manager, GIC Re, as its new secretary general.

Singh, a direct recruit officer 1986 batch of New India Assurance, has been given a three-year tenure with a Rs 45 lakh annual package.

Singh will succeed Nagaraja Sarma, who completed his three-year term in July 2022 and is currently on a six-month extension till January 2023.

Eight candidates including some from non-insurance back ground were interviewed last week by the members of executive committee members of GI Council including Devesh Srivastava, CMD,GIC Re, Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance, S Prakash, MD, Star Health & Allied Insurance, and Bejon Misra, nominee of the IRDAI.

The final choice for the post of secretary general boiled down two candidates, Singh and Deepak Godbole, former secretary general, Insurance Institute of India(III) and originally belonged to GIC Re.

Earlier, GI Council had also interviewed three candidates from the private sector general insurers for the same post but had rejected all of them.

Singh, who is supposed to retire in June end, will now opt for VRS to take charge of his new assignment at the GI Council at the earliest.

The council will also have a new chairman shortly as Anjan Dey, CMD, Oriental Insurance Company(OIC), who was also heading the council, has quit OIC.

The council is meeting on Jan 19 to select a new representative of four PSU general insurance companies to replace Dey, who will be made the new chairman of the council.  

Apart from being a coordinating forum for the 31 general insurers and 10 foreign reinsurance branches(FRBs), GI Council is increasingly playing an important role in  implementing policies and regulations of the government and the insurance regulator IRDAI. It also pushes for the industry’s issues with the government and the IRDA.

The government, in the proposed amendments of existing Insurance Acts, has said the composition of both the GI Council and Life Insurance Council be amended, inter alia, providing for a Central Government nominee on the councils.