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IRDA: Yogesh Lohiya to get govt nod before joining Iffco Tokio General

According to the Insurance Act, all appointments of managing directors or chief executive officers must be approved by the insurance regulator

June 12, 2012 5:11 IST | India Infoline News Service
According to media reports, the insurance regulator (IRDA) has asked Yogesh Lohiya, the newly-appointed MD and CEO of Iffco Tokio General Insurance, to get the government’s approval to join the private insurer, supporting the finance ministry’s stand on the matter.
Prior to joining Iffco Tokio General, Mr Lohiya was the chairman and managing director of GIC Re—a public sector insurance—and retired on attaining the age of superannuation. Mr Lohiya, retired from GIC on 31 December 2011, took over as MD & CEO of Iffco Tokio on 16th May.
Being a public sector employee, he requires permission from the government to join a private company, the IRDA (Insurance Regulatory and Development Authority) said.
According to the Insurance Act, all appointments of managing directors or chief executive officers must be approved by the insurance regulator.
Earlier in a letter, the finance ministry had sought an explanation from Mr Lohiya, on joining Iffco Tokio without the ministry's permission. Mr Lohiya had got clearance from the government to join fertilizer cooperative Iffco, which is one of the promoters of Iffco Tokio, as a consultant, the reports added.
The ministry had marked the same letter to IRDA. The insurance industry norms mention that government officials must get the ministry's clearance to join any private company if the new assignment comes up before two years from the time of leaving the government post.

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