The government has finalised the candidates to head the state-owned general insurance companies and has also selected a new managing director for reinsurer General Insurance Corporation (GIC). Two of the four companies have been without a full-time chairman for months.
The selection committee headed by economic affairs secretary C M Vasudev has selected P B Ramanujam, at present general manager, National Insurance, to be the new managing director of GIC.
He would replace P C Ghosh, who is at present has the additional job of chairman and managing director of National Insurance. The company has not had a full-time CMD since M K Tandon retired at the end of September last year.
The New Delhi-headquartered Oriental Insurance, another company which has been headless, is likely to have S L Mohan, who is at present general manager with United India Insurance, as its new chairman and managing director.
Like National Insurance, Oriental has also not had a full time chairman and managing director since B D Banerjee retired on October 31, 2001.
Ajit Mohan Sharan, joint secretary in the finance ministry's financial sector division has been the officiating chairman and managing director of Oriental for the last couple of months.
R Berry, currently general manager with New India Assurance, is to be elevated to the post of chairman and managing director of New India after the present incumbent K N Bhandari, who is also the chairman of General Insurance (Public Sector) Association or Gipsa, superannuates at the end of February.
The candidates were finalised by the selection committee headed by Vasudev at a meeting held on January 17. The list would now be sent to minister of state for finance Balasaheb Vikhe Patil for clearance before being put up before finance minister Yashwant Sinha. The list would then be sent to the appointments committee of cabinet for final clearance.
Apart from Vasudev the selection committee also comprised secretary department of personnel and training A K Aggarwal, additional secretary in the financial sector division S K Purkayastha and Insurance Regulatory and Development Authority N Rangachary.
