Reliance Life Ceo P Nandagopal Quits

[savramesh 37]

Business Standard

Friday, May 15, 2009

The Chief Executive Officer of Reliance Life, P Nandagopal, has resigned and is expected to join a new organisation in the next few days.

"I have put in my papers. At the moment, I do not have the opportunity to talk about my new assignment," Nandagopal told PTI.

Prior to joining Reliance Life Insurance, he was senior vice-president (alternate channel and group insurance) with Birla Sun Life.

The country's fourth largest private sector insurer posted 28 per cent growth in first premium collection in 2008-09. It collected first premium of Rs 3,514 crore during the fiscal against Rs 2,753 crore in the previous year.

According to sources, Reliance Life Deputy CEO Malay Ghosh has taken over Nandagopal’s functions.

Reliance Life will begin hunt for new CEO. It could be either from inside the company or from outside, sources added.

However, IRDA had asked all the insurers neither to terminate or appoint chief executives and directors without the prior approval of the regulator.

"No appointment, re-appointment or termination of CEO, Whole-time Director or Managing Director of an insurance company is valid unless the previous approval of this Authority, in terms of Section 34A of the Insurance Act, 1938, is obtained," IRDA had said in a circular two years ago.

All the insurers were advised that such references seeking prior approval should be made in the format and should reach the regulator at least 30 days prior to the commencement of appointment to allow sufficient time for it to examine such proposals and accord approval, it had said.