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C. Shivkumar

Bangalore , Aug. 25

TOP-LEVEL changes are expected to take place at the General Insurance Corporation of India with the impending retirement of its top management.

Sources said that the Finance Ministry has short-listed four names for appointment as the Chairman and Managing Director (CMD). The front-runner for the top slot is the present secretary of the Tariff Advisory Committee (TAC) of the Insurance Regulatory and Development Authority (IRDA), Mr K.K. Srinivasan. The criteria applied for the appointment was that the contender would necessarily be expected to have at least 2 years of residual service before attaining superannuation.

The GIC slot is expected to become vacant with the retirement of the Chairman, Mr P.C. Ghosh, this fiscal. GIC's Managing Director Mr P.B. Ramanujam has already retired. The sources said that as in the cases of all the public sector enterprises, GIC would also have only a single person designated as the CMD.

Besides, Mr Srinivasan, others short-listed are Mr R.K. Joshi, General Manager, GIC, Mr Y.P. Chopra, General Manager, National Insurance Company Ltd, and Mr B. Chakravarthy General Manager, United India Insurance Company Ltd.

Capitalisation of GIC is expected to top $1 billion this year. This would bring its capitalisation virtually on par with some of the top global reinsurance companies. The large capitalisation would allow GIC to increase its international business substantially, industry sources said. The sources said that the top slots of the public sector non-life insurance companies were also expected to fall vacant during the course of the next 12 months.

More Stories on : General Insurance | People

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