Deepak Sood, the MD and CEO of Future Generali Life Insurance company has stepped down from this position in the company. He is said to be joining a similar venture from next week. Gorakh Nath Agarwal, chief actuary and chief risk officer of the life insurance firm will be appointed as the chief executive of the company.
"Yes, I am moving to another Life venture," Sood told Business Standard. Former Securities and Exchange Board of India (SEBI) chairman G N Bajpai is the current chairman of both Future Generali India Insurance and Future Generali Life Insurance.
Future Generali was recently in news due to alleged foreign direct investment (FDI) rules violation. As per current rules, a foreign entity is allowed to hold only 26% stake in an insurance company. Tapan Sen, a Rajya Sabha member from West Bengal recently communicated to the Finance Minister P Chidambaram in a letter that the actual quantum of investment of the Holland based partner Participatie Maatschappij is 50%. A copy of this letter has been reviewed by Business Standard.
Further, in the letter, Sen had also said that in both its Life & General Insurance venture, the Holland based company Participatie Maatschappij has disguised itself to below 26%, adding that this practice has been happening for the past half a decade.