FSIB Selects New Chiefs for GIC Re, NIC

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Ramaswamy who joined GIC Re in 1988 will retire in September 2025. He was earlier posted in London to head the company’s UK branch.

The Financial Services Institution Bureau (FSIB), the agency that looks for chiefs of PSU banks and insurers, has selected N Ramaswamy, General Manager, General Insurance Corporation of India (GIC Re), as the next Chairman and MD (CMD) of the company while M Rajeswari Singh, General Manager & Director (GMD), United India Insurance, has been chosen as the CMD of National Insurance Company (NIC).

After due approval of the Appointments Committee of Cabinet (ACC), Ramaswamy will get a two-year term. The post of CMD at GIC Re will fall vacant after Devesh Srivastav completes his four-year tenure in September-end after reaching 60 while NIC CMD post will be filled up after Suchita Gupta leaves in August end.

Ramaswamy who joined GIC Re in 1988 will retire in September 2025. He was earlier posted in London to head the company’s UK branch.

Normally, the government in recent years has preferred to choose a GIC Re insider to head the institution as the person needs to have reinsurance expertise to run the global company which is Asia’s third largest reinsurer.

Four shortlisted senior officials who had appeared for the virtual interview are: Ramaswamy, Hitesh Joshi, General Manager, GIC Re, BS Rahul, General Manager, Agriculture Insurance Company.

The fifth shortlisted candidate Smita Srivastav, GMD, New India Assurance, had pulled out of the race voluntarily. One of the basic criteria of shortlisting of names for CMD posts is that the candidates need to have two years of residual services by the time vacancies happen.

FSIB has chosen Sat Pal Bhanoo and R. Doraiswamy as new managing directors of Life Insurance Corporation.

The government agency had interviewed seven candidates to select two MDs of the corporation. After ACC approval, Bhanoo will fill up the vacancy caused by the elevation of Siddarth Mohanty as the chairperson of the corporation.

Similarly, Doraiswamy will join in place of Managing Director Mini Ipe, who will be retiring in August-end. At present, LIC has four MDs. The corporation recorded a standalone net profit of Rs 13,427.8 crore for the quarter ended March FY23, a rise of 466 per cent over the corresponding period in the last fiscal.

FSIB, constituted under Bhanu Pratap Sharma, former Secretary, Department of Personnel and Training (DoPT) has three insurance experts — Girija Kumar, former CMD of OIC, Sujay Banarji, former Member of IRDAI and Usha Sangwan, former MD of Life Insurance Corporation.

Along with these three experts, the panel has Debasish Panda, Chairman, Insurance Regulatory and Development Authority of India (IRDAI), and Vivek Joshi, Secretary, Department of Financial services (DFS).

In April, ACC approved the appointment of Bishnu Charan Patnaik, former MD of LIC, for the post of whole-time member (Life), IRDAI. His appointment will be from the date of assumption of the charge of the post till he attains the age of 62 years.

Source: Indian Express