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FOR PUBLIC SECTOR INSURANCE COMPANIES

  • Shri Bhanu Pratap Sharma

    Former Secretary, Department of Personnel & Training, Government of India
    Chairman
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  • Shri Rajiv Kumar

    Secretary, Department of Financial Services, Government of India
    Ex-officio member
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  • Shri Sailesh

    Secretary, Department of Public Enterprises, Government of India
    Ex-officio member
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  • Dr S C Khuntia

    Chairman, Insurance Regulatory and Development Authority of India (IRDAI)
    Ex-officio member
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  • Shri Ghyanendra Nath Bajpai

    Former Chairman, SEBI and LIC
    Part-time member
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  • Shri Mathew Varghese

    Former General Manager, New India Assurance Co Ltd
    Part-time member
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Profile

Shri Bhanu Pratap Sharma

Sh. Bhanu Pratap Sharma is a retired IAS officer (1981 Batch) from Bihar Cadre. He has a graduate degree in Physics (Honours) from St Xavier’s College, Ranchi. He, thereafter, did Post Graduate Diploma in Business Management (equivalent to MBA) from XLRI, Jamshedpur with specialisation in Finance and Marketing. During his service period, while undergoing an eleven months long training programme at National Defence College, New Delhi, he was awarded M. Phil in Defence & Strategic Studies from Madras University.

He started his career with field postings in Bihar. Thereafter, he held important positions in the Secretariat both at the Centre as well as in the State Government. The three streams where he worked the longest are Personnel (12 years), Finance (5 years) and Health (8 years). Some of the important posts held in the State Government are Principal Secretary, Finance, Principal Secretary, Health & Family Welfare, Principal Secretary, Agriculture & Animal Husbandry, Secretary, Expenditure. The important posts held at the Centre are Secretary, Department of Personnel & Training, Secretary, Health and Family Welfare, Establishment Officer & Additional Secretary, Department of Personnel & Training.

After his retirement from the post of Secretary, DoPT, he has been appointed Chairman, Recruitment & Assessment Centre (RAC) in Defence Research Development Organisation (DRDO), a body which performs the recruitment and promotion functions for Defence Scientists. He is also Chairman of Banks Board Bureau, a body which advises the Government on top level appointments at Public Sector Banks and on ways to streamline the functioning of the Banks Board.

In his career, he has had the occasion to advise the government on many important policy issues related to recruitment, cadre restructuring, appointment, promotion, training and vigilance matters. He also drove the implementation of various reform measures to improve governance. He has been associated with a large number of important legislative changes in both the personnel and health sector.

He has been instrumental in the introduction of a number of e governance measures, some of them being fully online treasury system in Bihar (2009), online Minority Merit Scholarship Management System (2010-11), Online Performance Management System (SPARROW) for IAS officers (2014) and its replication to various central services. Delay in Vigilance status has been one of the main reasons for delay in Board level appointments in Central Public Sector Enterprises. An online system SOLVE launched in 2017 is making a difference now.

Shri Rajiv Kumar

Shri Rajiv Kumar, is a 1984 batch Jharkhand cadre officer of Indian Administrative Service (IAS) and assumed office as the new Secretary, Department of Financial Services, Ministry of Finance on September 01, 2017. Shri Rajiv Kumar was Special Secretary and Establishment Officer, Ministry of Personnel Public Grievances & Pension, D/o Personnel & Training in his immediate preceding posting. Shri Rajiv Kumar has widespread administrative experience in more than 30 years of service during which he held various important assignments including the Administrative postings in his home State of Jharkhand. Shri Kumar has also worked in the Central Government in various capacities. He was posted as Joint Secretary and then Additional Secretary, Department of Expenditure, Ministry of Finance from 19.03.2012 to 12.03.2015. Later he took over as Establishment Officer & Additional/Special Secretary, Ministry of Personnel Public Grievances & Pension, D/o Personnel & Training from 12.03.2015 till 30.08.2017.

Shri Sailesh

Shri Sailesh , Secretary Department of Public Enterprises, Ministry of Heavy Industries and Public Enterprises, is a 1985 batch, Assam-Meghalaya (RR) cadre officer of the Indian Administrative Service (IAS). Earlier, he has served as Secretary, Ministry of Minority Affairs, Registrar General and Census Commissioner of India and Additional Secretary/Joint Secretary in the Ministry of Home Affairs, Government of India. He has vast administrative experience over last 30 years and has worked in senior positions in Government of India and Government of Assam in the Power Sector, Home Department, Youth Affairs & Sports, Heavy Industries, etc.

Shri Sailesh holds a Post Graduate Degree in Economics from Delhi School of Economics (1982) and Post Graduate Diploma in Management (PGDM) from MDI, Gurgaon (1993). He is an alumnus of Graduate Research Institute for Policy Studies (GRIPS), Tokyo, Japan where he did his Masters in International Development Studies (2003).

Dr S C Khuntia

Dr S C Khuntia, was appointed as the chairman of the Insurance Regulatory and Development Authority of India (IRDAI) in May 2018. A native of Jagatshingpur, Odisha, Dr Khuntia was born in November, 1957. A 1981 batch IAS officer of the Karnataka cadre, Dr Khuntia served as the Chief Secretary to the State government, besides having served in several government departments such as Secretary in the Department of School Education and Literacy. Other key assignments handled by him include that in District administration, Land Revenue Management, Rural Development, Urban Development and Finance in the State Government. At the Centre, he has handled senior positions in the Ministries of Agriculture, Finance and Human Resource Development. He was also Special Secretary and Financial Advisor in the Ministry of Petroleum and Natural Gas and has assumed positions in Hindustan Petroleum Corporation (HPCL) and Indian Oil Corporation (IOC).

Dr Khuntia is a post-Graduate in Physics, Computer Science, Economics and Sociology and has a Doctorate in Economics.

Shri Ghyanendra Nath Bajpai

Mr. Ghyanendra Nath Bajpai, a distinguished leader in Indian business was the Chairman of the Securities and Exchange Board of India (SEBI) . Earlier Mr. Bajpai was Chairman of the Life Insurance Corporation of India (LIC). Mr. Bajpai is known for his visionary leadership. He has served/serves as non-Executive Chairman and a Director on corporate boards in India and other countries, received awards for contribution to business, and authored several books. Mr. Bajpai has been Chairman of the Corporate Governance Task Force of International Organization of Securities Commissions and the Chairperson of the Insurance Institute of India.

As Chairman of SEBI, Mr. Bajpai oversaw the orderly functioning of India’s securities markets. With a vision to make India a global benchmark, Mr. Bajpai initiated numerous reforms and innovations in India’s securities markets. The Indian securities market now ranks as one of the most advanced in emerging markets and may well surpass developed markets in certain respects.

As Chairman, Mr. Bajpai transformed LIC to meet the challenges of deregulation and competition from global insurance companies. Under his leadership, LIC became a financial powerhouse with the largest asset base in the Indian Sub-Continent.

Mr. Bajpai has been a member of Board of Directors at General Insurance Corporation of India, ICICI Bank, Unit Trust of India, UTI Bank now Axis Bank, Tata Chemicals, Jindal Steel, Thane Electric Supply Co., National Housing Bank, Discount & Finance House, Indian Railway Finance Corporation, India International Insurance Ltd., Singapore and Ken-India Ltd. Nairobi (Africa) among others.

Mr. Bajpai was also Non-Executive Chairman of National Stock Exchange, Stock Holding Corporation of India, LIC Housing Finance Ltd, and LIC International EC Bahrain and LIC Nepal Ltd. Currenty, Mr. Bajpai is Non-Executive Chairman and Non-Executive Director of several Corporates in India.

Mr. Bajpai is on the Board of Advisors of Indian Army Group Insurance Fund and Member of Governing Board of National Insurance Academy. Mr. Bajpai was the Chairman of Indian’s National Pension Trust Board. Earlier he has served on the Governing Board of Indian Institute of Management, Lucknow.

He has chaired/been member of some of the important Committees, the recommendations of those committees have led to number of reforms and policy changes. Notable Committees among those are, Chairman of the Committee on Investment Pattern for Insurance and Pension Sector, Committee to Review Implementation of Informal Sector Pensions, Committee to Review Investment Guidelines for National Pension System (NPS) Schemes in Private Sector, and Member of High Level Task Force on Leveraging the Post Office Network: Empowering Rural India.

He has been a visiting faculty at leading institutes of Management and Training. He was the visiting Prof. of Middlesex University, London. He is being regularly invited to speak at seminars in India and abroad. He has delivered lectures including at London School of Economics (LSE), Harvard University etc. and also addressed OECD & IMF seminars. He has written five popular books: The Securities Market, Marketing of Insurances, and How to Become a Super Successful Salesman. His latest (4th) book, “The Essential Book of Corporate Governance” and (5th) book “A Game Changer’s Memoir” published by international publisher of repute viz Sage & Penguin released recently have been very well received by the market in India & abroad. He regularly writes columns in leading Hindi & English newspapers and Magazines.

He received number of awards, notable among being the “CNBC TV18 Outstanding Contribution to the Development of Finance” award from Prime Minister of India and W .G. Chirmule Puraskar, 2014 for commendable contribution in the fields of Insurance & Regulation of Stock Market.

Mr. Bajpai holds a Master’s Degree in Commerce from the University of Agra and a Degree in Law (LLB) from the University of Indore. Mr. Bajpai is an avid golfer.

Shri Mathew Varghese

Shri Mathew Verghese, a Graduate in Mechanical Engineering, started his career with Indian Aluminium Company Ltd.

He joined The New India Assurance Co Ltd as Regional Engineer in 1967. Subsequently, he held the positions of Branch Manager, Divisional Manager, Regional Manager, in different cities in India and reached the position of General Manager of the company. From the year 1981 to 1985, Mr. Verghese was heading New India’s operation in Thailand.

He also had a short stint with GIC Re as General Manager, before he was posted as Managing Director and Principal Officer of Kenindia Assurance Company, Nairobi, Kenya, a Composite company handling Life and Non – Life business, and the biggest in East Africa.

Few of his achievements are,

  • Setting up of a subsidiary company of Kenindia Assurance Co., in Tanzania,
  • Providing for the first time, the Satellite Launch Insurance Program for ISRO, in 1979 starting with experimental Satellite “Apple” and “Bhaskara II” and INSAT – 1A.
  • Designing Insurance Program for assets of Nuclear Power Corporation for the first time in the country in 2000.
  • Turnaround of Loss making operations.

He has represented “New India” in various international conferences and presented papers and served as Member of Education and Administrative committees of the Insurance Institute of India for two consecutive years.

He was Non - Executive Chairman of Tanzindia Assurance co Ltd Dar – Es – Salam, Tanzania and Member of the Board of East Africa Reinsurance Company Ltd, Nairobi, Kenya.

On his retirement from “New India” in 2003, he took over the position of Member (Non – Life) - Insurance Regulatory and Development Authority. His major contribution during his tenure was the initiative taken to do away with special discount in lieu of agency commission enjoyed by insured. This was to encourage intermediaries for increasing insurance penetration. Secondly he took steps to move away from a predominant tariff to a de-tariff insurance environment, thereby giving the benefit of competition to customers. He was a member of Reinsurance Sub-Committee and Anti Money Laundering Sub committee of International Association of Insurance Supervisors (IAIS), Switzerland. He also held the position of Chairman of the General Insurance Council of India, and Vice Chairman of the Tariff Advisory committee.

Over the last decade, he has been engaged in lending advisory support to organizations that require his service, besides holding the position of Board Member in two companies.