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CAG Visits GIC Re

CAG Visits GIC Re

A pat on the back by a constitutional authority is always wonderful, especially for those of us in public sector undertakings. 4th of October this year was one such occasion when GIC Re played host to Mr. Dhiren Mathur, Principal Director, Comptroller & Auditor General of India.

Mr. Mathur, I A & A S took over as Principal Director of Commercial Audit & Ex-Officio Member, Audit Board-I, Mumbai Region on the 20th of July 2012. To formally introduce him to team GIC Re and acquaint him with the working of GIC Re, the Indian Reinsurer, CMD invited him for a presentation. Mr. Mathur, very graciously accepted our invitation and agreed to visit GIC Re on the 4th of October 2012 for a familiarisation visit. He was accompanied by Mr. R Gururajan, Deputy Director, Indian Audit & Accounts Department.

Mr. Mathur’s visit was indeed a wonderful one. He appreciated the presentation about GIC Re’s business plans, financials, operations and targets & vision ahead. In his observations Mr. Mathur mentioned that the presentation very aptly brings out the fact that the Indian Reinsurer is unique organisation and it is doing much to support and strengthen the Indian Insurance Sector. He said, GIC Re is one of those organisations which very silently and steadfastly continue to deliver positive results and perform very well the role for which they were set-up. He said he was confident that GIC Re would be able to continue its journey in the future and contribute to the Indian financial system. Commenting on the Corporation’s performance during 2011-12, Mr. Mathur, however, said that GIC Re would need to take up a soul searching exercise to understand why and how the events of 2010 and 2011 affected us so immensely. He said it should not be difficult to put back 2011-12 as an aberration and continue to deliver the stellar performance that the Corporation has been delivering since its inception in 1972

Indeed Mr. Mathur’s remarks were very positive and evoked an encouraging response from Team GIC Re.

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