TATA AIG General Insurance Company has announced the appointment of Amit Ganorkar as its new Managing Director and Chief Executive Officer, effective January 1, 2025. Ganorkar succeeds Neelesh Garg, who is stepping down from the position. The appointment was approved by the board of directors and followed by the receipt of all necessary regulatory clearances.

Amit Ganorkar, a seasoned insurance professional with over 20 years of experience, has previously held key positions at TATA AIG, including Managing Director of Royal Sundaram General Insurance and Chief Operating Officer at TATA AIG. In his new role, Ganorkar is committed to continuing the company’s legacy of excellence, built on the trust and confidence of its customers and stakeholders.

Ganorkar has clear priorities for his tenure, including strengthening the company’s customer-centric approach, enhancing digital transformation, and driving sustainable growth to meet the evolving needs of its clients. His appointment marks a transition in leadership aimed at ensuring continuity and operational stability for the company. Ganorkar’s extensive experience and knowledge of the industry position him well to lead TATA AIG into its next phase of growth and development.

Ganorkar expressed his gratitude for the responsibility and commitment to continuing the company’s success. He emphasized that he is committed to working with the talented team to build on the company’s strengths and drive future growth. The appointment of Ganorkar is a testament to TATA AIG’s commitment to maintaining high standards of leadership and ensuring the company’s continued success in the market.

TATA AIG General Insurance Company has appointed Amit Ganorkar as its new Managing Director and Chief Executive Officer, succeeding Neelesh Garg. Ganorkar has over 20 years of experience in the general insurance industry, with a focus on sales, distribution, and product development. Prior to his new role, he served as the Managing Director of Royal Sundaram General Insurance and Chief Operating Officer at TATA AIG. Ganorkar expressed his commitment to continuing the company’s legacy of success, focusing on customer-centricity, digital transformation, and sustainable growth.

TATA AIG General Insurance Company is a joint venture between TATA Group and American International Group (AIG), which began its operations in India in 2001. The company has reported significant growth in its health business, with a growth rate of 44% over the past five years. The company expects to sustain this growth, aiming for at least 30% growth in the next two to three years. The health business currently accounts for around 21% of the company’s premium.

Ganorkar takes up his new role on January 1, 2025, after receiving approval from the Board of Directors. The company has secured all necessary regulatory approvals to ensure a smooth transition of responsibilities. The appointment is seen as a significant development in the company’s journey, and Ganorkar is expected to play a crucial role in shaping the company’s future growth and success.

The Insurance Regulatory and Development Authority of India (IRDAI) has imposed a fine of Rs 1 crore on Royal Sundaram General Insurance (RSGI) for non-compliance with outsourcing regulations in the financial years 2018-19 and 2019-20. The penalty followed a remote inspection by IRDAI between September 14-25, 2020, which revealed several regulatory violations.

The inspection found that RSGI had made payments exceeding Rs 50 crore to vendors in FY 2019-20, but failed to disclose these in their outsourcing returns submitted to IRDAI. This lack of transparency and non-compliance with regulations raised concerns about the insurer’s governance and regulatory compliance.

The inspection also identified issues with claims management, including irregularities in RSGI’s claims handling processes, resulting in delays and lack of alignment with Health Regulations, 2016. The insurer had reopened 53,354 claims worth Rs 123.43 crore and closed 6,466 claims worth Rs 34.99 crore, but IRDAI criticized the delays and lack of transparency.

IRDAI also questioned RSGI’s claim of having a customer-centric approach, citing that a truly customer-centric approach requires timely resolution of claims and transparent communication throughout the process. The regulator warned RSGI against further lapses in claims handling and regulatory compliance, emphasizing the importance of transparency, adherence to regulations, and robust governance systems in the insurance sector to ensure policyholder confidence and regulatory integrity.

The penalty and warning serve as a reminder to insurance companies to prioritize compliance with regulations and transparency in their business practices to maintain trust and confidence from policyholders and regulatory bodies alike.