A revamp is happening with the selection process and interviews for filling up the nine posts of executive directors (EDs) in place of general managers and directors (GMDs) at the top levels of the public sector insurance companies.

The ED structure for PSU insurers will be like that prevailing in PSU banks.

The Appointments Committee of the Cabinet (ACC) has  approved the proposal of the Department of Financial Services (DFS) for framing of guidelines for appointment of EDs in PSU general insurance companies including GIC Re, New India Assurance (NIA), National Insurance Company (NIC), Oriental Insurance Company (OIC), United India Insurance Company (UII) and Agriculture Insurance Company (AIC) who are members of the GIPSA, the official coordinating agency for all these six companies, as   per the ACC notification.

PSU insurance companies will have two posts of EDs each. The Financial Services Institutions Bureau (FSIB), which selects top brass of PSU banks and insurance companies, will also select the E.Ds. FSIB suggestions will be valid for a period of up to one year or as per orders issued by the Government of India, and maybe extended with the approval the ACC, the notification said.

Consultant Deloitte Touche Tohmatsu, India has been asked to do the preliminary scientific evaluation of eligible officials for the posts of nine executive directors in the PSU general insurance industry. After that they will be interviewed by its headhunting agency FSIB.

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