Mumbai: Three public sector general insurance companies will soon be headed by women with the newly constituted Financial Services Institutions Bureau (FSIB) recommending two executives for top roles at New India Assurance and Agricultural Insurance Corporation of India. Suchita Gupta already heads the Kolkata-based National Insurance Company.
Neerja Kapur, who is GM at New India Assurance, has been picked for CMD role at the same company, while Girija Subramanian, who is GM at General Insurance Corporation, has been been selected for the top position at Agricultural Insurance Corporation of India. Earlier, Kapur had also headed New India Assurance’s UK operations.
The FSIB, a successor to the Banks Board Bureau, was created to appoint director-level roles in banks and financial service companies. The government is likely to accept the recommendations. If the government notifies Kapur’s appointment, it will end the uncertainty over the leadership of the country’s largest non-life company listed on the stock exchanges. The top position has been vacant after its former chief Atul Sahai retired in in February-end. Since then, the government has posted Madhulika Bhaskar as GM with an additional charge of CMD, and she was recently given a three-month extension as current in-charge.
The FSIB interviewed seven candidates for the top post on July 27 for the two top positions. The recommendations were made after their performance in the interview, their overall experience and the extant parameters, which include residual service.