GIPSA, the coordinating agency for the six PSU companies, has completed the largest ever promotional exercises in the industry and published the results to fill up 30 post of general managers and 97 deputy general mangers(DGMs)
New Delhi: After creating a separate cadre of executive directors, the government has restructured the upper echelons of six PSU general insurance companies including GIC Re.
Post, the GIPSA, the coordinating agency for the six PSU companies, has completed the largest ever promotional exercises in the industry over the last two days and published the results on Friday to fill up 30 post of general managers (GMs) and 97 deputy general mangers(DGMs).
Many of these new GMs and DGMs have long years to retire and can be mentored for leadership positions in the PSU general insurance sector.
The list of GMs prepared by the GIPSA will be now sent to the Department of Financial Services(DFS) for approval and postings.
New India Assurance(NIA)), Oriental Insurance Company(OIC), United India Insurance(UII), National Insurance Company(NIC), GIC RE and Agricultural Insurance Company(AIC) are members of the GIPSA.
Earlier, GIPSA had to change rules so that more officials were eligible for these senior level selections.
In the new HR structure, each of the PSU general insurers now has been allowed more number of general managers apart from two executive directors.
New India Assurance, the country’s largest general insurance multinational, will be having eight GMs and two EDs while other three multiline PSU general insurers, Oriental Insurance Company(OIC), United India Insurance(UII) and National Insurance Company(NIC) will have six GMs and two EDs each.
GIC Re and Agriculture Insurance Company will have five GMs and two EDs.
Earlier, all the multiline PSU general insurers were allowed to have six GMs including two general managers and directors(GMDs).
NIA has vacancies for seven GMs but only four of its deputy general have been promoted as GMs and will be needing another three GMs from other PSU general insurers.
The entire PSU general insurance industry is now facing shortages of direct recruit senior officials as these companies had no recruitments of officials after 1991 till 2003.
Meanwhile, the government is yet to issue orders for the appointment of EDs for which interviews were completed sometime back. In a slight change of original plans for the posting of these EDs, Sreedevi S Nair, GM,NIA, who was earlier posted as a ED in Kolkata based NIC, will stay back in her parent company and similarly Kasturi Sengupta,, GM, who would have shifted to NIA as ED, will also stay back in NIC as ED.
However, the government as a matter of policy, has decided that after getting promoted to the position of ED, officials have to move out their parent companies to other PSU insurers.
The government’s headhunting agency FSIB will also hold interviews of shortlisted candidates soon for selecting a CMD for OIC as the incumbent RR Singh is retiring today.
The DFS has already shortlisted three senior lady general managers from different companies- Chandra S Iyer, NIA, Anjana Sexena, NIC and Rekha Solanki, OIC for the interview.