Govt to select top insurance honchos this week

Even as Ministry of Finance (MoF) has clarified that there is no move to bifurcate the posts of CMDs in the public sector general insurance companies.

Written by George Mathew | Mumbai | Published: July 14, 2015 1:44:14 am

The government will conduct the selection process to identify suitable candidates for the top posts in the insurance sector this week. Even as Ministry of Finance (MoF) has clarified that there is no move to bifurcate the posts of CMDs in the public sector general insurance companies, eight senior officials have been called for the interview to fill up two posts of chairmen and managing directors (CMDs) in GIC Re and National Insurance Company (NIC).

While the post of CMD in GIC Re will fall vacant during the month end when AK Roy will retire ending his three-year tenure at the country’s official reinsurer, the post of CMD at the NIC is being managed by the various acting CMDs since NSR Chandraprasad retired in February 2014.

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After a long delay, the government has finally decided to conduct interviews for filling up the vacant post of the fourth MD of Life Insurance Corporation (LIC) on July 15. The post has been lying vacant since Sushoban Sarkar retired in May last year and five senior LIC officials including the CEOs of LIC Home Finance and LIC Nomura are appearing for the interview.

Senior LIC officials who have been called for the interview include Sunita Sharma (chief executive, LIC Housing Finance), Saroj Dikhale (chief executive, LIC Nomura MF), Venu Gopal (zonal manager, West), Vinay Sah (marketing director), and Sharad Srivastava (executive director, Northeastern zone).

The government couldn’t go ahead with the interview earlier as some senior LIC officials, who were not called for interviews had written to the government finding fault with the criteria adopted for shortlisting the candidates for the interview. “We had received some representation from some LIC officials who were supposed to be shortlisted for the post of the fourth MD but were not included. We waited till now as we were expecting some clarity to complete the interview process. The interview will be conducted on July 15,” said a finance ministry official.

However, two officials —Rajesh Kandwal (chief executive, LIC Bahrain) and Hemant Bhargava (zonal manager, East) — who had earlier represented before the government, have not been called for the interview. They were not included on the basis of a criteria which says that an official can appear for the interview for maximum three times consecutively. They had already appeared for the interview conducted for posts of three MDs in the past, but couldn’t be selected. In their representation to the government, the two officials, who have four years of service left, had said capping of interview appearances at three times has no legal sanctity as per the DoPT norms.

The eight candidates appearing for interview for GIC Re and NIC CMD posts are — Sanath Kumar, director & general manger, New India Assurance, Girija Kumar, director & general manager, United India Insurance (UII), Vasantha Krishna, director & general manager, NIC, Alice Vaidyan, general manager, GIC Re, HG Rokre, a GIC Re official who is currently at IDBI Capital on deputation, Sujoy Banerji, general manager, Oriental Insurance Company(OIC), Segar Sampath Kumar, general manager (NIA) and VE Kaimal, general manager, UII.

Ministry officials said that unlike public sector banking industry, there is no proposal either to bifurcate the post of CMD in the public sector general insurance companies or to include candidates from the private sector companies for the CMD posts of PSU insurance companies.

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