The frontrunners in the whole race are two senior-most officials of the institution: executive director PC Gupta, who also is an actuary, and executive director PS Pritam with a fine track record as director of marketing department and international operation.

However, the big question being raised over the top-level appointment of the institution is: if the rule book, which prescribes seniority, suitability and merit as the criteria be adhered to or the principle of two-year tenure at the top, which, however, has no legal sancitity, should be adhered to?

The incumbent chairman, G Krishnamurthy, managing directors GP Kohli and YP Gupta, are retiring in a few months' time. While Krishnamurthy and Kohli are retiring by June-end, Gupta will retire in November. The screening committee, consisting of expenditure secretary, EAS Sharma, secretary (personnel), BP Tondon, secreatry (insurance) BK Chaturvedi, are meeting this week to finalise two names out of the 10 senior-most officers of the institution. The name of the third person may also be finalised as Gupta retires in November. There are precedents when NK Shinker, MG Diwan, KP Narshimaham have been elevated to the top post even though at the time of appointment they did not have a two-year tenure at the top at the time of appointment.

Observers point out that suddenly applying the two-year norm as the sole criteria for selecting people at the top may kick up a controversy.

It may be recalled that Prime Minister Office had rejected the recommendation of the screening committee two years back and had appointed GP Kohli as the managing director of the institution then. HO Sonig, the senior-most executive director, has already been appointed as the member of the Insurance Regulatory and Development Authority. Some of the other names being considered for promotions on the seniority principle by the screening committee are: executive director PN Jambunathan, zonal manager (Calcutta), OP Dubey, excutive director, PV Subramanian, executive director, GN Bajpai, executive director, EI Thomas, and executive director A Ramamurthy.