The post will fall vacant as Girija Subramanian, CMD, NIA, will be retiring on July 31.Both eligible PSU and private sector candidates can apply. Last date for applying is Apr 21

New Delhi:After filling up the post of CMD at GIC Re, the FSIB has invited applications from both PSU general insurance companies and private sector companies for the post of CMD at New India Assurance, the country’s largest general insurance multinational.

The post will fall vacant as Girija Subramanian,CMD, NIA, will be retiring on July 31 after reaching 60. Subramanian was CMD of Delhi based Agriculture Insurance Company had faced FSIB again before being selected as CMD of NIA.

This is for the first time private sector candidates have been allowed to apply for the NIA’s top job.The government, since Oct 4, has thrown open one post of managing directors(out of four posts) in Life Insurance Corporation (LIC) and all the posts CMDs at PSU general insurance companies for the private sector professionals.

The last date for applying the NIA’s job is Apr 21, said the FSIB, the government’s head hunting institution for top officials (executive directors and above) PSU financial institutions.

The eligibility criteria for candidates from PSU general companies are- the applicant must have minimum 1-year service as executive director or a total of 2-year service as general manager or above in a PSU general insurer.

For private sector or external candidates, the criteria are: The applicant must have minimum 21 years of experience with at least 15 years of experience in a non-life insurance including 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.

The assignment will be for five years or the date of superannuation (treating 60 years as the age of superannuation), whichever is earlier.

The CMD of NIACL will be eligible for a fresh tenure beyond the period of 5 years up to superannuation with the approval of the Appointments Committee of Cabinet(ACC).

With a similar exercise, FSIB , had shortlisted five candidates, including two from private sector companies, for selecting the CMD of GIC Re. However, Hitesh Joshi, ED of GIC was selected for the post.

Some of the senior officials of PSU general re/ insurance companies who are eligible to apply for the post are – V Bala, general manager, GIC Re, Mini George, ED, Agriculture Insurance Company and S Sivasankar, ED, NIA. All of these officials have two years of residual services as on Aug 1.

Meanwhile, FSIB will be shortly shortlisting candidates for the post of EDs at PSU general insurance companies which will be falling vacant in the next 2-3 months.