New Delhi:
Finally, the government, on Tuesday, has cleared the appointment of Anjan Dey, 57,director & general manager, GIC Re as the CMD of Delhi based Oriental Insurance Company(OIC).
Dey,57, will take charge of his new post tomorrow.He has more than 34 years of experience in the Indian general insurance industry and belongs to 1986 batch of New India Assurance,
“Appointments Committee of the Cabinet (ACC) has approved the proposal of the Department of Financial Services for appointment of Anjan Dey, general manager, the New India Assurance Company Limited (NIACL), as Chairman-cum-Managing Director (CMD),in OlCL) in the scale of pay of Rs. 2,05,400 — 2,24,400/- with effect from the date of assumption of charge and up to the date of his attaining the age of superannuation (i.e. 30.11.2023), or until further orders, whichever is earlier,” said an order issued by the ministry of personnel amd training.
.Last week, SN Rajesawri had vacarted the post to take over as the member, (Distribution) IRDAI.
Dey was selected as the CMD of OIC by the Banks Board Bureau (BBB),the official head hunting body for selecting the CEOs of state owned banks and insurance companies, on Jan 4.,
Dey will be joining OIC at a time when the company has many financial challenges to be tackled.OIC with a combined ratio of 141 per cent had an underwriting losses of Rs 4,197 crore in 2019-20.
The government plans to infuse over Rs 10,000 crore in three PSU general insurers,United India Insurance Company,Oriental Insurance Company, National Insurance Company in coming years and has already funded Rs 2,500 crore out of which Rs 2400 has gone to Kolkatta based National Insurance Company.
The capital infusion will enable the three PSU general insurers to improve their financial and solvency position, meet the insurance needs of the economy, absorb changes and enhance the capacity to raise resources and improved risk management.The way forward for these companies will be to ensure optimum utilisation of the capital being provided and the Government has issued guidelines in the form of Key Performance Indicator (KPIs) aimed at bringing business efficiency and profitable growth, said the MoF note.
The government is now examining each of these companies from the point of view of privatization and will follow the laid down procejures where ministry of finance and NITI will identify the company which will be vetted by group of secretaries and then group ministers before being placed before the Cabinet for the final approval.
There will be new CMDs in three PSU general insurance companies starting with OIC to be followed at Kolkatta based NIC and Chennai based United India Insurance(UII) in June …
While both Tajinder Mukherjee, CMD, NIC and Girish Radhakrishnan, CMD, UII, will be retiring in June end, Atul Sahay, CMD, New India Assurance (NIA) will be calling it a day in Feb 2022.