The government on Friday appointed Siddhartha Mohanty as the new chairman of Life Insurance Corporation (LIC). The insurer’s former managing director BC Patnaik has been appointed as member (life) of the Insurance Regulatory and Development Authority of India (IRDAI).
Last month, the Financial Services Institutions Bureau (FSIB), which is looking for directors of public sector banks and financial institutions, recommended Mohanty’s name as the chairman of LIC. According to sources, Mohanty has been appointed as the chief of LIC till June 7, 2025, when he will attain the age of 62 years.
Government has appointed BC Patnaik as Member (Life) of IRDAI till he attains the age of 62 years. Sources said the notification of both the appointments came after the approval of the Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi. Mohanty, who is currently the managing director of LIC, is the acting chairman of the country’s largest life insurer, after MR Kumar completes his term on March 13, 2023.
In 2021, the government increased the retirement age of LIC chairman to 62 years by amending the Life Insurance Corporation of India (Staff) Regulations, 1960. The changes made in the rules are called Life Insurance Corporation of India. (Staff) Amendment Rules, 2021. Meanwhile, Patnaik retired as the Managing Director of LIC last month. Tablesh Pandey took his place.
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