In a significant development, the Financial Services Institutions Bureau (FSIB), responsible for executive appointments in public sector banks and insurance firms, has finalized the next Chairpersons and Managing Directors (CMDs) for two major insurance companies.
Girija Subramanian, currently serving as Chairperson and MD of Agriculture Insurance Company (AIC), and Bhupesh Sushil Rahul, General Manager at AIC, have been chosen as the next CMDs for New India Assurance and United India Insurance, respectively. This decision follows a rigorous selection process conducted virtually over two days by FSIB.
The appointments come at a crucial time as the CMD position at United India Insurance remains vacant following the retirement of S Tripathy in February, while Neerja Kapur, the current head of New India Assurance, is set to retire in April.
These nominations will now undergo scrutiny by the Department of Financial Services (DFS), which will subsequently forward them to the Appointments Committee of Cabinet chaired by Prime Minister Narendra Modi for final approval. However, the process might face delays due to the upcoming elections, with sources suggesting that approvals could take longer than usual.
In addition to the CMD selections, FSIB has also chosen nine executive directors for various PSU general insurers, a first in its history. Among the notable appointments are Rashmi Bajpai and Amit Misra for Oriental Insurance Company, T. Babu Paul and CG Prasad for National Insurance Company, and Sunita Gupta and PC Gothwal for United India Insurance, among others.
Interestingly, this selection process saw the participation of serving CMDs of PSU entities, a departure from previous norms. While the exact timeline for the final approvals remains uncertain, these appointments signal a period of transition and potential leadership changes within the PSU insurance sector.
