Comments
MN Sarma, the former Chairman & Managing Director (MD) of United India Insurance will be the new Secretary General of the General Insurance Council, the official representative organisation of the rapidly growing Indian insurance industry.
61-year-old Sarma, who retired in May 2018, will take over the new responsibility in August. He will be supported by CR Vijayan, a former director of the GIC Re, who has been selected as the deputy Secretary General of the GI Council.
The GI Council was formed in 2001, under an act of the IRDAI has emerged as an important representative and voice for the Rs 1.7 lakh crore Indian general insurance industry. It’s the prime body for the Centre in the consultations for the budget making exercise for the insurance sector, for the IRDAI on new regulations and also issues cropping up before the industry from time to time.
The GI Council is an important link between the insurance regulator and the non-Life insurance industry. It also pushes for the industry’s issues with the government. The insurance sector has 4 non life, GIC in the public sector and 27 companies in the private sector at present.
The interviews for the coveted post were held last week and Sarma was selected from at least five candidates. He succeeds, R Chandrasekaran who has been holding the post since 2011.
According to reports, from the about 14 applicants, five were short listed and interviews by the Five members of the executive committee of the GI Council- A V Girija Kumar, CMD, Oriental Insurance Company, Anuj Gulati, Religare Health Insurance Co, Ritesh Kumar, MD & CEO,HDFC Ergo General Insurance, Alice Vaidyan, CMD, GIC Re, C R Biswal, former additional chief secretary, Andhra Pradesh.. Sarma was selected.
The term of office could be three years and the Council has fixed the retirement age at 65.
While the council plays the role envisaged for it by the Insurance Act, it also facilitates overall growth for the industry in a fair and equitable manner in the interest of all stake holders. It has The GI worked extensively in area of developing data repositaries for the industry.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.