OIC CMD opts for VRS on health ground

Mumbai: Oriental Insurance Company CMD, Anjan Dey (58), has opted for voluntary retirement scheme (VRS) early during the month. Bizz Buzz tried to reach Dey for his comment, but he declined to speak anything on this. Dey had joined OIC in March 2021 and has services till November 2023.

N Ramaswamy, general manager, GIC Re and RR Singh, director and general manager, OIC, are two top contenders for the OIC chief post.

Soon, FSIB, the head hunting agency of the government for selecting executive directors, MD and CEOs of PSU banks, CMDs and GMDs of PSU insurance companies, will be interviewing five candidates to choose a successor for Dey at OIC. Industry sources pointed out that Dey was infected with Covid last year and had developed several other post-Covid health complications since then. He had kept the ministry informed about his health conditions. He is the senior-most CMD in the PSU general insurance industry and also the chairman of General Insurance Council, the representative body for the general insurance industry. Dey was yet to resign from his post as General Insurance Council chairman.

He has more than 36 years of experience in the Indian general insurance industry and belongs to 1986 batch of New India Assurance.

Years back MK Garg, CMD, United India Insurance, had quit his job much before his retirement and Dey's predecessor SN Rajeswari had resigned from the post to join IRDAI as its member (Distribution).

Recently, another senior official Sobha Reddy, managing director, GIC Housing Finance, had taken VRS just couple of months before her retirement. It is now expected a lot of senior officials of the PSU general insurance industry will now opt for VRS after the implementation of the latest wage revision for which employees have received their arrears recently.