The Chief Executive Officer of Reliance Life, P Nandagopal, has resigned and is expected to join a new organisation in the next few days.
"I have put in my papers. At the moment, I do not have the opportunity to talk about my new assignment," Nandagopal told PTI.
Prior to joining Reliance Life Insurance, he was senior vice-president (alternate channel and group insurance) with Birla Sun Life.
The country's fourth largest private sector insurer posted 28 per cent growth in first premium collection in 2008-09. It collected first premium of Rs 3,514 crore during the fiscal against Rs 2,753 crore in the previous year.
According to sources, Reliance Life Deputy CEO Malay Ghosh has taken over Nandagopal’s functions.
Reliance Life will begin hunt for new CEO. It could be either from inside the company or from outside, sources added.
However, IRDA had asked all the insurers neither to terminate or appoint chief executives and directors without the prior approval of the regulator.