The government will create a talent pool of officials who will be eligible for fast-track promotions to hold the top positions at public sector general insurance companies, say Finance Ministry officials.
The government run general insurance industry will see a wave of retirement of senior officials in the next two-three years. There are not many who will be eligible to hold the top positions of these companies, reports The Indian Express.
Meanwhile, the post of the chairman and managing director (CMD) at United India Insurance hasn’t been filled as yet as the appointee — Girish Radhakrishnan, chief executive officer, New India Assurance’s London operation — has yet to get regulatory clearance to be relieved from his present assignment. New India Assurance is also operating without a CEO.
Though the merger of three companies United India, National Insurance and Oriental Insurance has been announced, the issue appears to have been placed on the back burner and MoF’s current focus is to strengthen the insurance companies.