Less than a month ago, IFFCO-Tokio General Insurance (ITGI) Company appointed Mr Yogesh Lohiya as their new Managing Director (MD) & Chief Executive Officer (CEO). However, Mr. Lohiya is yet to obtain a go-ahead from the government to take charge of the new office.
Prior to ITGI, Mr Lohiya was the Chairman and MD of India’s sole reinsurer ‘GIC Re’. He retired from GIC on 31st Dec 2011 on attaining the age of superannuation. As per norms, government officials are not allowed to join any private company within two years of leaving the government post. And if they wish to join a private company before completing two years then they must get a clearance from the Ministry of Finance.
IRDA Chairman J Harinarayan said that Mr. Lohiya has been an employee of the public sector and therefore he requires permission from the government to join IFFCO Tokio GIC. He also said that the regulator has requested Mr. Lohiya to obtain the same.
