A few names including Ashok Lahoty,appointed actuary of state owned National Insurance Company along with three senior most officials of GIC Re,Hitesh Joshi, executive director and acting CMD,Jayshree Bala,ED GIC Re and V Balkrishna, general manager along with others have been shortlisted for the interview
New Delhi:The FSIB,the government’s head hunting institution for selecting senior management( executive directors and above) of PSU financial institutions, will select a new CMD for state owned GIC Re on Feb 24.
This is also for the first time, privte sector candidates have been allowed to apply for the post, though it is not immediately known how many private candidates applied for the post and how many have been shortlisted for the interview to be held om Feb 24..
A few names including Ashok Lahoty,appointed actuary of state owned National Insurance Company along with three senior most officials of GIC Re-Hitesh Joshi, executive director(ED) and acting CMD,Jayshree Bala, ED and V Balkrishna, general manager- along with others have been shortlisted for the interview.
Though, Lahoty is currently working for NIC, he will be considered as a private sector candidate as he has been appointed as an actuary from the open market on contract basis for a short period of time.
Usually, FSIB shortlists five candidates for selecting a CMD of PSU insurance company.
However, recently it had interviewed 17 candidates, including private sector candidates, for selecting MD&CEO of Canara Bank.
After N Ramaswamy retired from the post in Sept(2025) end, the government has appointed Hitesh Joshi, executive director as acting CMD of the company since Oct 1,2024.
After a candidate is selected by the FSIB, his/her name needs to be approved by the Appointment Committe of Cabinet(ACC) for completing the appointment process.
Apart from insurance experts like AV Girija Kumar, former CMD of Oriental Insurance Company, Sujoy Banerji, former member IRDAI and Usha Sangwan, former managing director of Life Insurance Corporation, the FSIB will have Ajay Seth, chairman, IRDAI, M Nagaraju, secretary, Department of Financial Services and others in its panel to interview the candidates for GIC Re’s top post.
According to the recent ACC note issued on Oct 4,2025, a private sector candidate should have minimum 21 years of experience with at least 15 years of’ experience in non-life Insurance (including general and health insurance) sector of which at least 2 years should be at the Board level or at least 3 years should be at the highest level below Board level (to be held on substantive basis).