In a temporary arrangement, H Rokde, general manger & director, New India Assurance(NIA) along with one of his colleagues ,C Narambunathan, general manager & director, NIA,have been jointly assigned, -Current in Charge- the functions of the chairman & managing director of the NIA, by the ministry of finance(MoF) on Wednesday, after G Srinivasan retired from the post on Tuesday.
Srinivasan was one of the longest serving CMDs in the public sector general insurance industry and was at the helm of two of the largest public sector general insurers, United India Insurance (UII) and NIA during last 10 years.Under his stewardship, NIA had steadfastly guraded its turf in terms of market share and leadership in the domestic general insurnace industry.The NIA is the largest general insurance company in the country and was recently listed in the stock exchanges like BSE and NSE.
Rokde is the senior most general manger in the public sector general insurance industry and has already appeared for the interview for selecting the CMDs of three public sector general insurers- National Insurance Company,United India Insurance and NIA.
A panel constituted by the ministry of finance(MoF)including Rajiv Kumar, Secretary, department of financial services, SC Khuntia, chairman, IRDAI has already interviewed nine candidates on May 17 for selecting three CMDs.
The names of the prospective CMDs after being finalised by the MoF will be sent for the clerance of the Appointment of Committee of Cabinet(ACC) and Prime Minister Office (PMO).
“We are expecting the whole exercise to be within a fortnight unless PMO asks for more clarifications,'' said sources at the MoF.
The other two general insurance companies, NIC and UII are also being currently managed by the temporary set-ups.Siddarth Pradhan, currently a general manger at NIA will soon be joining NIC as a general manager and director and along with John Pulliantham, general manger & director, NIC, will discharge the functions of the company's CMD.Pradhan also is one of contenders for one of the CMD post.
NIC doesn't have a regular CMD after K Sanath Kumar retired in Apr end.
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.
There are speculations that MoF may shift either AV Girija Kumar, CMD, Oriental Insurance Company(OIC) or TL Alumelu, CMD , Agriculture Insurance Company as the CMD of the NIA as there is always a tradition that the senior most official heads NIA..
However, there has been no confirmation from the MoF available on this move.
Though, government has already announced the merger of the three PSU general insurers, OIC, UII and UII, it is unlikely to be completed anytime soon.