23 May 2016 Current Affairs: The Central government has elevated four general managers of state-owned general insurers as whole-time directors, including at GIC Re .
Ironically, some who were promoted recently have already retired within days of assuming charge, while a few other will hang up their boots within a month of taking over their new positions. Industry sources attributed this to long delays in vigilance clearances for the candidates.
Officials who have been promoted as whole-time directors include A Hoda at United India Insurance, K K Rao at Oriental Insurance, P Venkatramaiah of National Insurance Company and Segar Sampath Kumar at New India Assurance.
The government has created one more post of whole-time director at the country's sole reinsurer GIC Re. With this, all the five state-owned non-life insurers will be having two wholetime directors each.
Unlike public sector banks and Life Insurance Corporation, the public sector general insurers do not have the post of executive directors. These officials, even after being elevated as directors, are designated as general managers.
- K K Rao who took over as wholetime director at Oriental Insurance on April 26, retired just four days later on April 30, thus creating a vacancy again.
- Segar Sampath Kumar, who is currently with New India Assurance as a general manager, is likely to assume charge as the second wholetime director at GIC Re shortly. G C Gaylong is already a wholetime director at GIC Re.
- A Hoda of United India and P Venkatramaiah of National Insurance Company have already assumed charge as wholetime directors.
- Other Director : The other directors who are already serving at present include Hemant G Rokade and P Nayak at New India Assurance, Sujay Banarji of Oriental, AV Girija Kumar of United India and M Vasantha Krishna National Insurance. Nayak will be retiring this month-end.
Besides, there will be two more vacancies for the posts of chairmen and managing directors as Milind Kharat of United India and A K Saxena of Oriental Insurance are retiring by the month-end and June-end, respectively.
The CMD post of Agriculture Insurance Company (AIC) is lying vacant after PJ Joseph joined Irdai as Member. Alok Tandon, joint secretary in the finance ministry, is heading the AIC at present.
Another post of Member at Irdai will fall vacant once D D Singh retires later this year.