The Indian government has appointed Siddhartha Mohanty as the new Chairman of Life Insurance Corporation of India (LIC), the country's largest life insurance company. Mohanty, who is currently the Managing Director of LIC, will be heading the company until June 7, 2025, when he reaches the age of 62. The appointment was made by the Appointments Committee of the Cabinet, chaired by Prime Minister Narendra Modi.
B.C. Patnaik, the former Managing Director of LIC, has been appointed as the Member (Life) of the Insurance Regulatory and Development Authority of India (IRDAI) until he reaches the age of 62. Patnaik was replaced by Tablesh Pandey as Managing Director of LIC last month.
The Financial Services Institutions Bureau (FSIB), which is responsible for recommending directors of state-owned banks and financial institutions, had earlier recommended Mohanty's name as chairman of LIC. Mohanty has been serving as the acting chairman of LIC since the completion of MR Kumar's term on March 13, 2023.
After MR Kumar's term ended on March 13, 2023, Mohanty, the managing director of LIC, assumed the chairmanship of the largest life insurance company in the nation. By amending the Life Insurance Corporation of India (Staff) Regulations, 1960, the government raised the superannuation age of the LIC Chairman to 62 years in 2021. The Life Insurance Corporation of India (Staff) Amendment Rules, 2021 are the name of the revised rules.
It is worth noting that in 2021, the government extended the superannuation age of the LIC Chairman to up to 62 years by amending the Life Insurance Corporation of India (Staff) Regulations, 1960, through the Life Insurance Corporation of India (Staff) Amendment Rules, 2021.