Govt to select GIC, NIC chiefs today, to take call for post of AIC CMD soon

As the current vacancies for the chiefs of two different insurance companies - GIC Re, National Insurance Company (NIC) - will be filled up soon, the Government is expected to take a call for the post of Chairman and Managing Director (CMD) in Agriculture Insurance Corporation (AIC) which will be lying vacant very shortly.

Sources close to the development told The Pioneer that the Finance Ministry has invited eight senior officials from State-owned general insurers for interview on July 15 to fill up the two CMD posts in GIC Re and NIC.“After selecting for the post of posts of CMDs in GIC Re and NIC, it is expected that the Government will hold the interview for the post of CMD in AIC soon, because the current CMD at AIC is likely to be appointed as the Member (Non-life) in IRDA in 2-3 months,” sources said.

“The Government has already filled up two  out of three vacant posts of Members by appointing Nilesh Sathe, Member (life) and V Iyer, Member, (Finance) and will soon make the appointment for third post as Member (Non-life) for which interview has been already completed,” added the sources. 

Besides these two key appointments, insurers are speculating some more vacancies in the pipeline for the industry. For example, if G Srinivasan, CMD, New India Assurance (NIA), who is due for the fourth renewal in October this year, will be shifted to GIC Re and NIA will get a new CMD from the new interviewees or Milind Kharat, CMD, United India Insurance (UII) will be shifted to the NIA or the largest general insurance company in India. Therefore, some new vacancy in UII may be created and it is expected that it would be considered by the Government soon. 

In a move to boost the insurance sector, the Finance Ministry has been taking all sort of measures not only policy formations but in the man power also in insurance segments. The Government took this call in advance as the post of the CMD at GIC Re would fall vacant by the end of this month when A K Roy retires, ending his three-year tenure, while it never ignored for the post of CMD at NIC as well which has been vacant since February, 2014.