Madhulika Bhaskar of GIC Re named acting chairman of New India Assurance

The central government on Tuesday transferred Madhulika Bhaskar, general manager, General Insurance Corporation (GIC Re) to state-owned New India Assurance. She will be the acting chairman and managing director (CMD) of  New India Assurance, the largest general insurer in the country.

The position of CMD of New India has been lying vacant since former chairman Atul Sahai retired on February 28.

Bhaskar is currently working as general manager, financial advisor and chief of internal audit, with GIC Re. She joined the GIC Re as a direct recruit officer in March 1988. For 25 years of her over 33 years of continuing service with the corporation, she has worked in reinsurance operations, aviation and technical department.

In a notification on Tuesday, the central government said, “In exercise of the powers conferred by Section 22 of the General Insurance Business (Nationalisation) Act, 1972, the central government hereby transfers Ms Madhulika Bhaskar, general manager, General Insurance Corporation to New India Assurance Company Limited with effect from her joining and until further orders. The posting is reckoned against the vacant post of chairman and managing director, New India Assurance Company Limited for the purpose of drawing her salary on the same terms and conditions of services as currently applicable to her”.