The government appointed Siddharth Mohanty was appointed as the new Chairman of the Life Insurance Corporation (LIC) on Friday. The insurer's former Managing Director B C Patnaik has been appointed as the Member (Life) of the Insurance Regulatory and Development Authority of India (Irdai).
Last month, the Financial Services Institutions Bureau (FSIB), the headhunter for directors of state-owned banks and financial institutions, recommended Mohanty's name as chairman of LIC. According to sources, Mohanty has been appointed as head of LIC till June 7, 2025, when he attains the age of 62 years.
The government has appointed BC Patnaik as a Member (Life) of IRDAI till he attains the age of 62 years. The notifications for the two appointments came after the approval of the Appointments Committee of the Cabinet, headed by Prime Minister Narendra Modi, the sources said. Currently, Mohanty, Managing Director of LIC, is the acting chairman of the country's biggest life insurance firm after MR Kumar completed his term on March 13, 2023.
In 2021, the government extended the superannuation age of the LIC Chairman to up to 62 years by making an amendment to the Life Insurance Corporation of India (Staff) Regulations, 1960. The changes made in the rules are called the Life Insurance Corporation of India (Staff) Amendment Rules, 2021. Meanwhile, Patnaik retired as a Managing Director of LIC last month. He was replaced by Tablesh Pandey.