The department of financial services(DFS), had prepared a list of five general managers(GMs)- BS Rahul, Agriculture Insurance Company(AIC), V Balkrishna and his spouse Jayshree Bala from GIC Re, Sunita Gupta and Rekha Solanki from Oriental Insurance Company(OIC) for selecting Tripathy’s successor soon

New Delhi:

The interviews, to be conducted by the Financial Services Institutions Bureau(FSBI), for selecting a CMD for Chennai based United India Insurance(UII) and nine executive directors across six PSU general insurers including GIC Re and Agriculture Insurance Company(AIC), will be completed over three days starting from Mar 20.

The post of CMD at UII has fallen vacant as Satyajit Tripathy retired from the post on Feb 29 after reaching 60.

Earlier, the department of financial services(DFS), had prepared a list of five general managers(GMs)- BS Rahul, Agriculture Insurance Company(AIC), V Balkrishna and his spouse Jayshree Bala from GIC Re, Sunita Gupta and Rekha Solanki from Oriental Insurance Company(OIC) for selecting Tripathy’s successor soon.

Except Rahul, rest have ben promoted as GMs just a few months back in FY 23-24. This is for the first time that the DFS has to tweak one of its important eligibility criteria, because of non-availability of eligible officials, where a GM needs to have completed at least for two years in the post, to be considered for a post of CMD in a PSU general insurance company.

However, all of them, whose names are there in the list, have two years of residual services, another eligibility criteria.

Rahul is the senior most official in the list followed by Jayashree Bala, V Balkrishna, Gupta and Solanki.

Similarly, the DFS had already shortlisted a few of GMs, who were promoted in FY2022-23 and also in FY 2023-24, though they have not completed one year as GMs, for the selection of EDs

The largest, seven GMs from New India Assurance(NIA), the largest non-life company in the country, will be appearing for the FSIB interviews to be selected as EDs.

However, by the time the appointment letters are issued by the government for the newly selected officials including a new CMD for UII, it will take time as Prime minister Narendra Modi, who heads the Appointments Committee of the Cabinet(ACC) and gives the final stamp of approvals, will be busy for the Lok Sabha election during the next two months.

“May be, one has to wait till a new government is in place to for the appointment of new officials,” said ministry of finance sources.

After Tripathy’s retirement from UII, the government has not given the temporary charge of CMD of the company to anybody. Normally, two senior officials are made current-in charge of PSU general insurance company till a regular appointment happens.

“A company like UII, which has a lot of financial issues, should not be left headless at such a crucial time,” said a CMD of another PSU insurance company.

In January, the government, for the first time, had roped in consultant Deloitte Touche Tohmatsu India for the preliminary scientific evaluation of eligible officials for the posts EDs. Deloitte had conducted a virtual assessment programme for all these officials.

The FSBI is the headhunting agency for selecting officials for the posts above executive directors in the PSU banks and insurance companies.

It is headed by BP Sharma and has, among others, Vijay Joshi, secretary, DFS, Debasish Panda, chairman, IRDAI and three insurance experts, Girija Kumar,former CMD of Oriental Insurance Company, Usha Sangwan,former MD of Life Insurance Corporation, and Sujay Banarji, former member of the IRDAI.

Meanwhile, 16 deputy general mangers, who have been promoted as GMs last month, are still waiting to join their new postings(except four who are yet to get their new postings), which will happen after new EDs for the PSU general insurance companies are selected.