Girija Subramanian, former Chairperson and MD of Agriculture Insurance Company (AIC), has been selected as the next CMD of New India Assurance
Financial Services Institutions Bureau (FSIB):The Financial Services Institutions Bureau (FSIB), the recruitment agency for public sector banks and insurance firms, has selected the next Chairpersons and Managing Directors (CMDs) for New India Assurance and United India Insurance. Girija Subramanian, the current Chairperson and MD of Agriculture Insurance Company (AIC), has been selected as the next CMD of New India Assurance. Bhupesh Sushil Rahul, a General Manager at AIC, has been chosen as the new CMD of United India Insurance.
Financial Services Institutions Bureau (FSIB)
Financial Services Institutions Bureau (FSIB)
About FSIB:
The Financial Services Institutions Bureau (FSIB) marks a significant shift in the paradigm of appointing key officials in public sector banks (PSBs), insurance companies, and financial institutions. This newly proposed framework, initiated by the Department of Financial Services under the Ministry of Finance, is poised to replace the Banks Board Bureau (BBB) and streamline the selection process for top leadership positions.
Key Functions of FSIB:
- Selection of Chiefs: FSIB will assume the responsibility of appointing chiefs of public sector banks and insurance companies, ensuring a systematic and transparent approach to leadership appointments.
- Guidelines Issuance: With a clear mandate, FSIB will issue guidelines and select general managers and directors of state-run non-life insurers, general insurers, and financial institutions, facilitating a structured framework for talent acquisition.
- Unified Entity: FSIB will serve as a single entity for making recommendations for appointments of Whole-time Directors (WTD) and Non-executive Chairpersons (NEC) in Public Sector Banks, India Private Limited companies, and Financial Institutions, enhancing efficiency and coherence in the appointment process.
- Regulatory Modifications: The Department of Financial Services will undertake necessary modifications in the Nationalised Banks (Management and Miscellaneous Provisions) Scheme of 1970/1980 to align with the new framework, ensuring legal and procedural congruence.
New India Assurance Co. Ltd. (NIA)
Founding and Legacy: Established in 1919 by the visionary Sir Dorabji Tata, NIA has a rich legacy steeped in excellence and commitment to safeguarding the interests of its clientele. Over the years, it has emerged as a stalwart in the insurance sector, earning trust and recognition nationwide.
Nationalization and Autonomy: NIA’s journey took a significant turn in 1973 when it was nationalized by the Government of India, aligning its operations with the broader national objectives. Previously a subsidiary of the General Insurance Corporation of India (GIC), NIA transitioned into an autonomous entity alongside other primary insurance subsidiaries following the passage of the IRDA Act 1999.
Operational Scope: Headquartered in the bustling metropolis of Mumbai, NIA boasts a formidable presence across the length and breadth of India. Its expansive network and robust infrastructure enable it to cater to diverse insurance needs, ranging from individual policies to corporate solutions, with unparalleled efficiency and reliability.
Market Leadership: NIA’s prominence in the Indian insurance landscape is underscored by its status as the largest nationalized general insurance company in the country. Its leadership position is further solidified by its impressive gross premium collection, which encompasses both domestic and foreign operations.
Mission and Values: At the heart of NIA’s operations lie a steadfast commitment to integrity, innovation, and customer-centricity. Upholding the highest ethical standards, NIA continuously strives to pioneer progressive insurance solutions, ensuring comprehensive coverage and peace of mind for its policyholders.
Who is appointed as new CMD of New India Assurance?
Girija Subramanian, former Chairperson and MD of Agriculture Insurance Company (AIC), has been selected as the next CMD of New India Assurance
