Govt appoints Siddhartha Mohanty as new LIC chairman

New Delhi, The federal government on Friday appointed Siddhartha Mohanty as the brand new Chairman of LIC. The insurer’s former Managing Director B C Patnaik has been appointed because the Member (Life) of the Insurance coverage Regulatory and Improvement Authority of India (Irdai).

Final month, the Monetary Providers Establishments Bureau (FSIB), the headhunter for administrators of state-owned banks and monetary establishments, really helpful Mohanty’s title as chairman of LIC.

In response to sources, Mohanty has been appointed as head of LIC until June 7, 2025, when he attains the age of 62 years.

The federal government has appointed BC Patnaik as a Member (Life) of IRDAI until he attains the age of 62 years.

The notifications for the 2 appointments got here after the approval of the Appointments Committee of the Cupboard, headed by Prime Minister Narendra Modi, the sources mentioned.

Presently, Mohanty, Managing Director of LIC, is the appearing chairman of the nation’s largest life insurance coverage agency after MR Kumar accomplished his time period on March 13, 2023.

In 2021, the federal government prolonged the superannuation age of the LIC Chairman to as much as 62 years by making an modification to the Life Insurance coverage Company of India (Employees) Laws, 1960.

The adjustments made within the guidelines are known as the Life Insurance coverage Company of India (Employees) Modification Guidelines, 2021.

In the meantime, Patnaik retired as a Managing Director of LIC final month. He was changed by Tablesh Pandey.