Lavanya Mundayur, CMD, Agriculture Insurance Company
After clearing Mundayur‘s appointment with a bit of delay, the government will now approve the appointments of new executive directors (EDs) and will also shortlist the names for the post CMD of Oriental Insurance Company(OIC)
New Delhi: Lavanya Mundayur, 55, general manger, New India Assurance(NIA) has taken over as the CMD of Delhi based Agriculture Insurance Company(AIC) on Thursday after the government cleared her appointment for the post.
Confirming the development Mundayur, who assumed her new charge at Mumbai, said, “Tomorrow is the 22nd foundation day of AIC and I will be attending it in Delhi.” “
The Financial Services Institutions Bureau(FSIB) had selected Mundayur as the new CMD of AIC in August .
The post of CMD at AIC had fallen vacant after Girija Subramanian was shifted as the CMD of India’s largest general insurance company, NIA.
Mundayur, who had joined NIA in 1991 as an officer, will be the youngest CMD of the PSU general insurance industry and will retire in May 2029.
After clearing Mundayur‘s appointment with a bit of delay, the government will now approve the appointments of new executive directors (EDs), who have been selected by the FSIB, and will also start shortlisting the names for the post CMD of Oriental Insurance Company(OIC).
RR Singh, CMD,OIC ,will retire in February end.
As her appointment as the CMD of AIC was pending with the government since Aug, Mundayur had appeared for the interview for the selection of EDs and was selected.
However, FSIB had kept C S Ayyappan, general manger, NIA, as the standby candidate for the post of ED at AIC. Now with Mundayur becoming the CMD of AIC, Ayyappan will be made ED of the company.
In 2025 after OIC, the post CMD at GIC re will fall vacant in Sept 2025 after N Ramaswamy retires after completing his two –year tenure at the state owned reinsurer.
The top post at Life Insuranace Corporation (LIC) will fall vacant after Siddartha Mohanty , MD& CEO, of the corporation retires in June 2025. The government will also soon appoint a new member, Life, at the Hyderabad based insurance regulator IRDAI after BC Patnaik quit the post before completing his tenure.