News Non-Life21 May 2018

India:Finance Ministry interviews candidates for top posts at state owned general insurers

21 May 2018

The Finance Ministry has interviewed 10 candidates to select the new chairman and managing directors (CMDs) of three public general insurance firms - New India Assurance (NIA). National Insurance Company (NIC) and United India Insurance (UII).

The search for CMDs is an indication that the merger of these insurers (NIA, UII and Oriental Insurance) is unlikely to happen in the current financial year ending 31 March 2019, reports India Express.

While the post of CMD at NIC fell vacant when Mr K Sanat Kumar retired in April, both the posts at UII and NIA will fall vacant when MN Sarma and G Srinivasan retire at the end of May and at the end of July, respectively.

The Ministry’s move to fill up the posts of CMDs at NIC and UII, two state owned insurers out of the three set to be merge—the third being the Oriental Insurance —is keeping the industry guessing about the deadline for the mega merger. Some media reports have placed end-March 2019 as the deadline set by the government.

Earlier, the Ministry had promoted 16 senior officials at the state-owned general insurers as general managers, a fairly large number, considering the fact that three of the firms were expected to merge soon and the merged entity may not need such a large number of general managers.


 

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