New India Assurance Appoints S. Sivasankar as Executive Director
The New India Assurance Company Limited has appointed Mr. S. Sivasankar as Executive Director following Ministry of Finance approval dated February 16, 2026. Currently serving as General Manager at National Insurance Company Limited, Mr. Sivasankar brings over 20 years of general insurance industry experience across finance, audit, and accounting domains. The appointment is effective from assumption of charge until July 31, 2028, with level 14A designation and pay scale of Rs. 1,76,800-2,24,000, approved by the Appointments Committee of the Cabinet.
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The New India Assurance Company Limited has announced the appointment of Mr. S. Sivasankar as Executive Director on its Board, following notification from the Ministry of Finance dated February 16, 2026. The appointment represents a significant leadership addition to the government-owned insurance company.
Appointment Details
The Ministry of Finance, through notification no. eF.no. A-11011/01/2025-Ins.I, has appointed Mr. S. Sivasankar to serve as Executive Director effective from the date of assumption of charge. The appointment has been approved by the Appointments Committee of the Cabinet.
| Parameter: | Details |
|---|---|
| Position: | Executive Director |
| Level: | 14A |
| Pay Scale: | Rs. 1,76,800-2,24,000 |
| Tenure: | Until July 31, 2028 or further orders |
| Date of Birth: | July 28, 1968 |
| Superannuation Date: | July 31, 2028 |
Professional Background
Mr. S. Sivasankar currently serves as General Manager at National Insurance Company Limited (NICL). His professional profile demonstrates extensive experience across multiple domains within the insurance sector. He brings more than 20 years of exposure in the general insurance industry, having handled various portfolios during his career including finance, audit, and accounting functions.
The appointee has developed comprehensive expertise in insurance operations, finance, and accounting through his long tenure in the industry. His experience spans across different operational areas, providing him with a well-rounded understanding of insurance business dynamics.
Regulatory Compliance
The appointment has been made in accordance with Regulation 30 of the Securities and Exchange Board of India (SEBI) Listing and Obligatory Disclosure Requirements 2015. The company has confirmed that Mr. S. Sivasankar is not related to any other Director on the Board, ensuring compliance with the Companies Act 2013 provisions.
As per BSE and NSE circular requirements dated June 20, 2018, regarding enforcement of SEBI orders for director appointments, the company has affirmed that the newly appointed Director is not debarred from holding directorial positions by SEBI or any other regulatory authority.
Government Approval Process
The appointment reflects the structured governance process for public sector insurance companies. The Appointments Committee of the Cabinet's approval underscores the significance of the position within the organizational hierarchy. The notification was issued by the Department of Financial Services, Ministry of Finance, and has been communicated to various stakeholders including insurance regulatory bodies and other public sector insurance companies.
The formal communication was signed by Abdul Gufran, Under Secretary to the Government of India, and distributed to multiple government departments and insurance sector entities for information and record purposes.
Historical Stock Returns for The New India Assurance Company
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +0.78% | -0.48% | +1.54% | -17.44% | -0.62% | +12.22% |
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