2 women to be CMDs of New India Assurance, AIC
Neerja Kapur has been recommended to become CMD of New India Assurance, whereas Girija Subramanian was selected to become the CMD of Agriculture Insurance Company (AIC)
image for illustrative purpose
Mumbai: After interviewing seven general managers of the PSU general insurance industry, the newly setup Financial Services Institution Bureau (FSIB) on Wednesday has selected Neerja Kapur, General Manager of New India Assurance (NIA) as the CMD of the company while Girija Subramanian, GM of GIC Re has been recommended for the CMD of Delhi-based Agriculture Insurance Company (AIC).
Keeping in view their performance in the interface, their overall experience and the extant parameters, the Bureau recommends Kapur and Subramanian for NIA and AIC respectively, said FSIB on Wednesday evening.
Kapur has been working in NIA, the largest non-life multinational in the country, for over last three decades and will be retiring on 30th April, 2024 while Subramanian has been with GIC Re since 1988 and has services up to 31st July, 2026.
FSIB on Wednesday undertook its first- ever exercise of selecting CMDs of PSU insurance companies today and had interviewed seven shortlisted general managers of different PSU general insurance companies and GIC Re virtually to select two CMDs for NIA and AIC.
The FSIB replaced the BBB (Banks Board Bureau) as the head hunting agency for the top management of PSU banks and insurance companies on July 01.
The GMs who appeared for the interview are - M Rajeswari Singh (AIC), BS Rahul (AIC), N Ramaswamy, presently heading GIC Re's London branch, Rashmi Bajpai and Rashmi Raman Singh (both from Oriental Insurance Company).
After FSIB's selections on Wednesday, the names will be sent to the department of financial services (DFS) which will start obtaining vigilance clearance or reports regarding ongoing/contemplated inquiry or investigation or proceeding, if any, against the recommended person from various bodies like Central Vigilance Commission (CVC) before seeking approval of Appoint Committee of Cabinet (ACC), said the head hunting agency.
It will take around 2-3 months before appointment final letters are issued for the appointment of CMDs for NIA and AIC, sources revealed.
The post of NIA CMD had fallen vacant after Atul Sahai, retired in February end this year while Mallay Poddar, CMD, AIC will be retiring this month end. The FSIB will soon begin the selection exercise of general managers and directors (GMD) of PSU general insurance companies and GIC Re. All the posts of GMDs are currently lying vacant.
