Centre mulls ED posts in PSU general insurers
The central government is mulling to appoint Executive Directors in its four non-life insurers and the national reinsurer as it exists in the nationalised banks, said a senior industry official, adding that an interesting story had earlier led to the change of designations .
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Chennai The central government is mulling to appoint Executive Directors in its four non-life insurers and the national reinsurer as it exists in the nationalised banks, said a senior industry official, adding that an interesting story had earlier led to the change of designations .
Currently the four primary non-life insurers -- National Insurance Company Ltd, The New India Assurance Company Ltd, The Oriental Insurance Company Ltd and United India Insurance Company Ltd -- and the national reinsure General Insurance Corporation of India Ltd -- have two executives designated as GMDs.
“Several such posts are vacant now in different companies. It is said the government is mulling to have Executive Directors as in the banks instead of having two General Managers doubling up as Directors,” the industry official not wanting to be quoted said. According to the official, in the banks, the Executive Directors are higher in hierarchy and have higher pay than the General Managers. But in the non-life insurers, the GMDs have the same pay as that of other General Managers but have a seat on the Board and the responsibilities.
Further, the public sector non-life insurers are headed by Chairman-and-Managing Director (CMD) and the separation of the roles -- Chairman and Managing Director has not happened there.
