Sanath Kumar named Director & GM of GIC Re

K Sanath Kumar, Director and General Manager, New India Assurance (NIA), has been shifted to GIC Re in the same capacity.
The post was lying vacant since Yugandhara Rao was transferred to South Africa by GIC Re to head its subsidiary there in June 2014.
GIC Re is sole reinsurance firm in the Indian insurance market.
"Kumar has been posted in GIC Re until further orders," an official of the Finance Ministry told PTI today.
Kumar, a veteran figure in public sector general insurance industry, would be the senior-most official at GIC Re when he joins the Corporation in the first week of August.

The posting of Kumar in GIC Re assumes significance on two counts. The post of CMD at GIC Re will fall vacant within a week as incumbent A K Roy is retiring this month-end.

Kumar is one of the top contenders for one of the two posts - CMD, GIC Re and CMD, National Insurance Company- for which Government has completed interviews early this month.
"Government may appoint him as the acting CMD of GIC Re from August 1," the official added.
Eight senior officials of the public sector general insurance companies had faced three panels during interviews.
The panels consisted of top bureaucrats, regulators, and insurance professionals. These included Financial Services Secretary Hashmuk Adhia, Department of Personnel & Training Secretary Sanjay Kothari, former Chairman of Sebi & Life Insurance Corporation, G N Bajpai, former IRDAI member Mathew Vergheese, ex-National Insurance Company CMD V Ramaswamy and IRDAI Chairman TS Vijayan.

Apart from Kumar, the other candidates who had appeared for interviews for the two posts held in New Delhi on July 15, included Girija Kumar, Director, General Manager, United India Insurance, Vasantha Krishna, Director & GM at NIC, Alice Vaidyan, General Manger, GIC Re and Sujoy Banerji, General Manager, Oriental Insurance Company.