State-owned general insurer New India Assurance Company Ltd on Monday, April 24, said the Union Finance Ministry has appointed Smita Srivastava as general manager and director on the board from April 17, 2023.Srivastava served as the MD and CEO of Health Insurance TPA of India Limited. She is a graduate and AIII from the Insurance Institute of India with more than 20 years of experience in the insurance industry.Last month, insurance regulator IRDAI said New India Assurance continues to remain as domestic systemically important insurer and is perceived as "too big or too important to fail.”Also Read: Coca-Cola reports strong Q1 on higher prices, business in ChinaDomestic systemically important insurers refer to insurers of such size, market importance, and domestic and global interconnectedness, that their distress or failure would cause a significant dislocation in the domestic financial system. Therefore, the continued functioning of D-SIIs is critical for the uninterrupted availability of insurance services to the national economy.New India Assurance Company has operations in 26 countries.Shares of New India Assurance Company Ltd ended at Rs 103.04, by Rs 0.22, or 0.21 percent on the BSE.
