FSIB has shortlisted a few of GMs who were promoted in FY2022-23 and also in FY 2023-24, though they have not completed one year in the posts
After deciding to convert the posts of general mangers and director(GMDs) into executive directors(EDs), the government has swung into action to fill up nine posts of EDs in the PSU general insurance industry.
On Tuesday, the Financial Services Institutions Bureau(FSIB), the headhunting agency for the government to select officials for senior level posts above EDs in the PSU financial services sector, has sent mails to shortlisted general mangers of various PSU general insurance companies seeking their consent for participating in the promotion exercises.
FSIB has shortlisted a few of GMs, who were promoted in FY2022-23 and also in FY 2023-24, though they have not completed one as GMs.
The largest, seven GMs from New India Assurance(NIA), the largest non-life company in the country, have received letters from FSIB for giving their consents,
FSIB in its mail has also indicated the name of the companies where the consenting officials, if selected, will be posted .
Earlier, the Appointments Committee of the Cabinet (ACC) headed by Prime Minister Narendra Modi had finally approved the proposal of the Department of Financial Services(DFS) for framing of guidelines for appointment of EDs in all public sector general insurance companies including GIC Re, NIA, National Insurance Company Limited(NIC), Oriental Insurance Company(OIC), United India Insurance Company (UIIC) and Agriculture Insurance Company who are members of the GIPSA, the official coordinating agency for all these six companies, said a notification by the ACC.
Each of these companies will have two posts of EDs. Currently, nine posts of EDs- two each in GIC Re, OIC, NIC, AIC and one in UII have to be filled up after completing all official exercises.
Going by the new appointment framework for EDs, all general mangers of PSU non-life insurance companies, who have served for a minimum service of one year and have a residual service of at least one year on the date of vacancy of the ED post, are eligible to be considered for appointment as ED in such companies, said the government notification.
The minimum service and residual service requirement maybe relaxed with the approval of the Finance Minister, if sufficient candidates are not available in the zone of consideration, clarified the notification.
Earlier, the FSIB had shortlisted five GMs from different PSU re/insurers to fill up the two forthcoming vacancies of CMDs at Chennai based United Indian Insurance(UII) and New India Assurance(NIA),the largest multinational general insurer in the country.
The five GMs are –BS Rahul, Agriculture Insurance Company(AIC), Sunita Gupta, Oriental insurance Company(OIC), Hitesh Joshi along with two of his other colleagues V Balkrishna and his spouse Jayshree Bala from GIC Re.
These five GMs also have been shortlisted for the posts EDs.
UII vacancy will occur after Satyajit Tripathy retires in February end while NIA vacancy will occur after Neerja Kapur ends her tenure in April end after she reaches 60.
It is yet to be known whether interviews for CMDs or for EDs will take place first.