Even as the results of the interviews for selecting CMDs of three public sector general insurers, United India Insurance, National Insurance Company and New India Assurance, conducted on May 17, are keenly awaited upon, the ministry of finance(MoF) has made joint in charge arrangement for United Insurance Company(UIC) on Thursday.
Vijay Srinivas, GM & director, UII and S Gopakumar, MD & CEO GM , GIC Housing, who is already transferred to UII, have been put joint-in-charge to look after the financial and administrative powers and functions of CMD of UII.
MN Sarma had retired as the CMD of UII in May end.
In stead of appointing the regular CMDs, MoF act of making temporary arrangement at this moment may be indicating further delay in finalsing the names for regular appointments, feel the industry analysts.
A similar arrangement is already in place for Kolkata based National Insurance Company(NIC) after K Sanat Kumar had retired as the CMD of the company in April end.
One of the longest serving CMDs in the PSU general insurance industry, G Srinivasan, CMD, New India Assurance (NIA) will call it a day during this month end.
“Not having a regular CMDs are affecting the overall functioning of these companies. In premium mobilisation, both National Insurnace Company and UII have lost ground to the private sector ICICI Lombard during first three months(Apr-Jun) of the fiscal. ICICI Lombard General Insurance has emerged as the second largest general inurer after Nrew India Assurance, point out the analysts.
Meanwhile, Sidharth Pradhan, general manager, NIA and Usha Ramaswamy, general manger, GIC Re, have been appointed as the director of NIC and GIC Re respectively with effect from Aug 1.
Ministry of Finance on Wednesday has asked them to join their new posts within next 10 days.
Pradhan, who has also appeared for the interview along with nine more candidates for selection of CMDs of NIC and United India Insurance, will retire in June 30, 2020. Ramaswamy will retire on Oct 31, 2019.
The MoF had held interviews of 10 candidates to select the new CMDs of three public sector general insurance companies- NIA. NIC, UII- on May17.
The MOF in terms of seniority had short-listed 10 names- Hemant G. Rokade, GM & director, NIA, three senior most GMs of Delhi based Agriculture Insurance Company(AIC)-Malay K Poddar,Rajeev Chaudhry,Avinanda Ghosh- Dinesh Waghela, general manger, GIC Re, Siddharth Pradhan, GM, NIA, Girish Radhakrishnan, GM, NIA, Atul Sahai,GM, Oriental Insurance Company (OIC), Tajinder Mukherjee, GM, NIA, S. N. Rajeswari, GM, NIA, for the interviews for selecting three CMDs.