Lavanya R Mundayur, CMD, New India Assurance
With 35 years of experience, Mundayur is currently the youngest CMD in the PSU general insurance industry. She had joined NIA as a direct recruit officer in 1991 and was a general manager and chief underwriting officer of NIA before moving to AIC as a CMD in 2024.
New Delhi:The Appointments Committee of Cabinet(ACC) has cleared the appointment of Lavanya R Mundayur, 57,as the CMD of New India Assurance on Tuesday.
Mundayur will take over her new assignment today in Mumbai.
Earlier, the Financial Services Institutions Bureau(FSIB), on 22nd June, had selected Mundayur, CMD of New Delhi based, Agriculture Insurance Company(AIC), as the new CMD of NIA, the country’s largest general insurance multinational.
Mundayur will be retiring on 30 May, 2029.
The post had fallen vacant after Girija Subramanian had retired from the company in July end.
With 35 years of experience, Mundayur is currently the youngest CMD in the PSU general insurance industry. She had joined NIA as a direct recruit officer in 1991 and was a general manager and chief underwriting officer of NIA before moving to AIC as a CMD in 2024.
With Mundayur moving to New India Assurance (NIA) as CMD, the top post at AIC has fallen vacant and the FSIB is expected to initiate the process of shortlisting candidates from the PSU general insurance sector for the position.
Mini George, executive director(ED), AIC, is the senior most ED in the PSU general insurance industrty.
However, the head-hunting body itself needs to be reconstituted before it can proceed with key appointments. Three insurance professionals on the FSIB have retired since the end of June, leaving the bureau without any insurance professional at present.
The vacancy comes at a critical time, with six executive director-level posts lying vacant across the PSU general insurance industry. Although around 18 candidates have already been shortlisted for interviews for these senior positions, the FSIB is unable to proceed with the selection process in the absence of insurance professionals on the bureau.