The Government has appointed Madhulika Bhaskar, General Manager at General Insurance Corporation (GIC Re), as acting chief of New India Assurance.
“The posting is reckoned against the vacant post of chairman & MD at New India Assurance for the purpose of drawing her salary on the same terms and conditions of service as currently applicable to her,” the order said.
The chairman position in New India has been vacant since March 1 after former chairman AtulSahai retired.
Earlier, IRDAI had objected to the government’s move to give additional charge to Oriental Insurance chairperson as interim head of New India assurance. The regulator had cited Section 203 of the Companies Act, which prevents a manager from serving a whole-time position in two companies.
The government’s earlier practice of using the Banks Board Bureau to identify candidates for the insurance sector had suffered a setback after the Delhi high court said that BBB was not authorised to make selections for the insurance sector.
