Govt clears appointment of 9 directors in PSU general insurance companies
The nine senior officials who will be now GM and directors are-Swami Balla for NIA, Anjan Dey for GIC Re,Deepak Prasad for GIC Re, Neera N Saxena for,NIC,Navneet Doda for NIC,Susmita Mukherjee for NIA,,Atul Jerath for OIC, Ravi Rai and Rajeev Chaudhury for UII. Anjan Dey, general manager and director, who is currenly working with NIA and has more than two years of residual services,will be one of front-runner candidiates for the CMD post at OIC after SN Rajeswari joins as one of the members of the insurance regulatory body IRDAI.,
After a bit of delay, the Appointments Committee of Cabinet(ACC) on Saturday has clared the names of nine general manages of state owned public sector companies including GIC Re as the directors.
The nine senior officials who have new been selected as the new GM and directors are-Susmita Mukherjee) and Swami Balla for New India Assurance, Anjan Dey and Deepak Prasad for GIC Re, Neera N Saxena and Navneet Doda for National Insurance Company(NIC), Atul Jerath for Oriental Insurance Company(OIC), Ravi Rai and Rajeev Chaudhury for United India Insurance(UII).
Though,the ACC note says each of the directors will get three-year term as director, most of the officials in the list have less than one-year of residual service left..
Anjan Dey, general manager and director, who is currenly working with NIA and has more than two years of residual services,will be one of front-runner for the CMD post at OIC after SN Rajeswari joins as one of the members of the insurance regulatory body IRDAI.
Earlier, the Banks Board Bureau(BBB), headed by Bhanu Pratap Sharma,on Aug 10, had interviewed 22 general managers,who have completed two years of general mangership, from public sector general insurance companies and had selected nine out them to become the directors of the five companies(NIA), (NIC), The Oriental Insurance Company Ltd (OICL) and United India Insurance (UIICL). and GIC Re
Unlike PSU banking sector,where GMs, selected by the BBB, are promoted as executive directors,with a new pay of scale,and additional perks, the directors in the PSU general insurance companies are still general mangers and just get one extra post retirement facility- life long free medical facilities for himself/herself and spouse.
After almost two years of gap,the government revamped and completed the due exercise, to appoint nine directors in the public sector general insurance industry.
Putting an end to the earler system where the senior most general manager(GM( was automatically appointed as the director and posted in the company wherever the vacancies are available, the government has now preferred to conduct the new selection exercise through the Banks Board Bureau, that selects MD & CEOs and executive directors for for PSU .banks and CMDs of PSU insurance companies.
This is also for the first time a GM of Delhi based Agriculture Insurance Company(AIC),Rajeev Chaudhury,had participated in the selection procudure to choose a director.for any PSU general insurance company and GIC Re..Earlier, the GMs of only four PSU general insurers and GIC Re were eligible to be appointed as the directors