NIACL CMD Recruitment 2026 Notification PDF: Financial Services Institutions Bureau (FSIB) has invited applications from qualified candidates for the position of Chairman-cum-Managing Director (CMD) in New India Assurance Company Limited (NIACL) on full-time basis. Interested candidates who fulfil the eligibility criteria can apply online via link given below.
Tenure & Remuneration
The assignment shall be for 5 years or the date of superannuation [treating 60 years as the age of superannuation], whichever is earlier. The CMD, NIACL will be eligible for a fresh tenure beyond the period of 5 years up to superannuation with the approval of ACC.
The salary and other terms and conditions of appointment of whole-time Directors shall be decided by the Central Government from time to time.
The pay of CMD is governed by General Insurance (Rationalisation of Pay and Scales and other Conditions of Service of Officers) Scheme, 1975 as amended from time to time, last amended vide notification dated 08.02.2017 wherein ‘FIFTEENTH SCHEDULE’ was inserted defining level of pay matrix as – Level 16 in pay matrix under the Central Civil Service (Revised Pay) Rules, 2016 (Rs.2,05,400 – 2,11,600 – 2,17,900 – 2,24,400).
Selection procedure
Selection will be based on Shortlisting and Personal Interview. Applications received shall be scrutinised and shortlisted for interview based on experience and eligibility conditions. Final selection of the candidates will be done by the Financial Services Institutions Bureau (FSIB).
Eligibility criteria
1. Age:
The applicant should have minimum 45 years of age and 2 years of residual service [treating 60 years as the age of superannuation] as on the date of vacancy of the post i.e. August 01, 2026.
2. Educational Qualifications:
The applicant must hold a Graduate degree of any of the Universities incorporated by an Act of the Central or State Legislature in India or other educational institutions established by an Act of Parliament or declared to be deemed as a University under Section 3 of the University Grants Commission Act 1956 or possess an equivalent qualification.
3. Experience/Service requirement (as on the date of vacancy of post i.e. August 01, 2026):
a) For Internal Candidates (candidates from Public Sector Insurance Companies):
The applicant must have minimum 1-year service as Executive Director or a total of 2-year service as General Manager or above in Non-Life Public Sector Insurance Company.
b) For External Candidates:
The applicant must have minimum 21 years of experience with at least 15 years of experience in Non-Life Insurance (including general and health insurance) sector of which:
i. At least 2 years should be at the Board level
ii. At least 3 years should be at the highest level below Board level (to be held on substantive basis)
Penalty:
Candidate with two or more major penalties imposed in their career, shall not be eligible to apply for the position.
NIACL CMD Recruitment 2026 Notification PDF
