FSIB Selects New CMDs for New India Assurance and United India

The Financial Services Institutions Bureau (FSIB), the head-hunting agency for public sector banks and insurance firms, has selected the next Chairpersons and Managing Directors (CMDs) for New India Assurance and United India Insurance.

Girija Subramanian, the current Chairperson and MD of Agriculture Insurance Company (AIC), has been selected as the next CMD of New India Assurance. Bhupesh Sushil Rahul, a General Manager at AIC, has been chosen as the new CMD of United India Insurance.

Selection Process

After conducting virtual interviews over two days since Wednesday, the FSIB has also selected nine executive directors for PSU general insurers for the first time.

Vacant Positions

The CMD position at United India Insurance is currently vacant, as S Tripathy retired in February. At New India Assurance, the top post will become vacant after Neerja Kapur retires at the end of April.

Approval Process

The selected names will be sent to the Department of Financial Services (DFS), which will then forward them to the Appointments Committee of Cabinet headed by Prime Minister Narendra Modi for final approvals. This process is expected to take over two months, but with elections approaching, it may take longer, as the PM will be campaigning, according to sources.

Executive Directors Selected

The nine executive directors selected for PSU general insurers are:

• Rashmi Bajpai and Amit Misra for Oriental Insurance Company (OIC)
• HJ Joshi and Radhika CS for GIC Re
• T. Babu Paul and CG Prasad for National Insurance Company (NICL)
• Sunita Gupta and PC Gothwal for United India Insurance
• Dasarathi Singh for AICIL

As many as 25 general managers from the sector were in the race for these nine executive director posts.

Shortlisted General Managers

The six general managers who were shortlisted for the selection of the two CMDs were:

• Rahul, Hitesh Joshi, Jayshree Bala, and V Balkrishna from GIC Re
• Sunita Gupta and Rekha Solanki from Oriental Insurance Company (OIC)

Additionally, this is the first time that a serving CMD of a PSU entity participated in the selection exercise meant to choose a CMD of another PSU insurer.