The government has officially announced a comprehensive series of key appointments in the insurance sector, including Hitesh Rameshchandra Joshi as Chairman-cum-Managing Director (CMD) of General Insurance Corporation of India (GIC Re) with immediate effect from June 16, 2026. According to the latest notification to the Ministry of Finance, the appointment has been approved by the Central Government as an exercise of its powers conferred under Article no. 83 of the Articles of Association of the Corporation. Joshi will hold this position until September 30, 2028, or until further orders, whichever is earlier. This appointment is part of a broader series of key leadership changes announced by the government in the insurance sector.
Joshi brings extensive experience to the role, holding a postgraduate degree in accountancy from the University of Mumbai and a master's degree in financial management from the Jamnalal Bajaj Institute of Management Studies. He is also a Fellow of the Insurance Institute of India. Throughout his career, he has undertaken diverse assignments across key functions including reinsurance, retrocession, finance, enterprise risk management, budgetary control and strategic planning, internal audit, credit rating, investor relations, and served as executive assistant to the chairman and managing director of the corporation. His responsibilities include reinsurance (both domestic and international inward business), retrocession, finance, enterprise risk management, budgetary control and strategic planning, internal audit, credit rating, investor relations, and served as executive assistant to the CMD of GIC Re.
In his previous role as Executive Director (ED), Joshi oversaw multiple areas including human resource management, international business operations, information technology, vigilance compliance, the claims vertical, audit and compliance (internal and CAG), budgeting, Right to Information, grievance redressal and complaints, legal, mergers and acquisitions, the digital team, the Business Intelligence Unit (BIU), actuarial functions, and office support services. As CMD, he will continue to oversee these comprehensive operational and strategic functions in his permanent capacity. This extensive experience across various operational and strategic functions will be crucial in his new role as CMD of the state-owned reinsurer.
The government has made significant appointments at the Insurance Regulatory and Development Authority of India (IRDAI) as part of the broader insurance sector restructuring. Dinesh Pant, managing director at Life Insurance Corporation of India, has been appointed whole-time member (actuary) at IRDAI, while Girija Subramanian, chairman-cum-managing director of The New India Assurance Company Limited, has been appointed whole-time member (distribution). Both appointments are for five years, reflecting the government's strategic approach to strengthening the insurance sector's regulatory framework and operational capabilities.
The government's comprehensive announcement includes several other key appointments in the insurance sector. Deepak Sood has been reappointed as whole-time member (non-life), extending his term by two years until 2028, while Rajay Kumar Sinha has been reappointed as whole-time member (finance and investment) for another two years until 2029, or until they attain the age of 65 years, whichever is earlier. These comprehensive leadership changes reflect the government's strategic approach to strengthening the insurance sector's regulatory framework and operational capabilities across multiple key positions.
