FSIB Recommends Neerja Kapur and Girija Subramanian as CMDs of New India Assurance and Agriculture Insurance Company
Moneylife Digital Team 28 July 2022
Newly set up Financial Services Institutions Bureau (FSIB) has recommended the names of Neerja Kapur and Girija Subramanian as chairman-cum-managing directors (CMDs) of The New India Assurance Co Ltd (NIACL) and Agriculture Insurance Company of India Ltd (AICIL). 
 
FSIB, the successor of Banks Board Bureau (BBB), says that last week, it interfaced with seven candidates for the positions of CMDs of NIACL and AICIL. Keeping in view their performance in the interface, their overall experience and the extant parameters, the Bureau has recommended Ms Kapur and Ms Subramanian for the top posts.  
     
Ms Kapur is a general manager (GM) and chief underwriting officer of NIACL. Earlier, Ms Kapur also headed UK operations of NIACL.
 
Ms Subramanian is GM at General Insurance Corporation of India (GIC Re). During her 32 years in GIC Re, she has spent 25 years in various reinsurance departments, primarily in aviation, life, health and property classes. She was involved in the setting up of the terrorism insurance pool for the Indian market as well as the setting up of life operations at GIC Re.
 
FISB wil send its recommendation to the department of financial services (DFS). The department will obtain vigilance clearance or reports regarding an ongoing or contemplated inquiry or investigation or proceeding, if any, against the recommended person from various bodies like central vigilance commission (CVC) before seeking approval of the appointments committee of Cabinet (ACC).
 
FSIB has been constituted effective 1 July 2022 by the Union government to recommend persons for appointment as whole-time directors (WTDs) and non-executive chairpersons (NECs) on the boards of financial services institutions, like public sector banks (PSBs), financial institutions (FIs) and public sector insurers (PSIs). 
 
Headed by Bhanu Pratap Sharma, FSIB advises the government on other matters relating to personnel management in these institutions.
 
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