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Home / IRDA Update 

Top appointments in Insurance firms to be cleared by IRDA

With the insurance development and regulatory authority being constituted as a statutory authority appointments to the top posts in public sector insurance companies in addition to future private companies are likely to be cleared by the insurance watchdog body.

At present the appointment of chief executives in the non life insurance companies are held up on account of a litigation by a senior general manger of one of the insurance companies who is contesting the government's requirement of a minimum residual service for an executive to be considered for a chairman.

As a result the government has been able to appoint only an acting chairman for the Oriental Insurance Co. General Insurance Corporation, managing director B. D. Banerjee is also holding charge as the chairman of Oriental Insurance. Now New India Assurance Company chairman S K Kanwar is also due to retire shortly.

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