IAS Gyan

Daily News Analysis


9th June, 2023 Economy

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Context: The Financial Services Institution Bureau (FSIB), an autonomous body of the Government of India that selects top executives for public sector banks and insurers, has announced the names of the new heads for two leading insurance companies: “N Ramaswamy” for General Insurance Corporation of India (GIC Re) and “M Rajeswari Singh” for National Insurance Company (NIC).


  • N Ramaswamy, who is currently a General Manager at GIC Re, will take charge as the Chairman and Managing Director (CMD) of the company for a period of two years, after getting the approval of the Appointments Committee of Cabinet (ACC), headed by the Prime Minister of India.
    • He will succeed Devesh Srivastav, who will retire in September-end after completing his four-year term.
  • M Rajeswari Singh, who is presently a General Manager and Director at United India Insurance, has been chosen as the CMD of NIC for a period of three years. She will replace Suchita Gupta, who will leave at August-end.

Both GIC Re and NIC are public sector undertakings under the administrative control of the Department of Financial Services, Ministry of Finance. GIC Re is the sole reinsurer in India and ranks third among the reinsurers in Asia. NIC is one of the four public sector general insurers in India and offers a wide range of products and services to its customers.

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Financial Services Institutions Bureau (FSIB): https://www.iasgyan.in/daily-current-affairs/fsib