Though the full strength of the GIC board was 15, the board of the apex body of the general insurance industry had 13 members for quite some time.

The new board is meeting on 23 June. The fact that the Centre has prefered to have a full GIC board at this time when there is a caretaker Government in power, indicates that the insurance reforms are on course irrespective of whichever party is in power.

It must be recollected that, when finance minister, P Chidambram had announced that the board of GIC and LIC will be strengthened before opening up the industry by making them fully autonomous by inducting more professionals from different walks of life.

The sudden fallof the AB Vajpayee Government, which was supposed to steer clear of the Insurance Regulatory Act Bill (IRA) in the Parliament in the budget session has left the market guessing about the course of the insurance sector reforms.

The Center has retained three members of the GIC board who had completed their terms on March 5.

Managing trustee of Consumer Education and Research Centre (CERC) Manubhai Shah, has been re-appointed as part-time non-official director of the GIC for two more years.

The other part-time non-official directors who have been re-appointed on the board are fellow of National Institute of Public Finance and Policy, New Delhi Indira Rajaraman, former managing director of Indian Petrochemical Limited, Baroda Hasmukh Shah, and Director of Indian Institute of Technology, Guwahati DN Buragohain.

However charted accountant KP Rao, has been replaced by another charted accountant SShanmugam in the board of directors.