The government has appointed Siddhartha Mohanty as the interim chairman of Life Insurance Corporation of India (LIC) for three months starting March 14. As per reports, current LIC chairman MR Kumar won’t get the extension.
Currently, Mohanty is MD and CEO of LIC Housing Finance. He was appointed as the MD of Life Insurance Corporation (LIC), effective February 1st, 2021. In place of TC Suseel Kumar, who was scheduled to retire on January 31, 2021, Siddhartha Mohanty was nominated to serve as the MD of LIC until his superannuation on June 30.
In a stock exchange filing LIC announced: “In terms of Regulation 30 of the SEBI(LODR) Regulations, 2015, we advise that, in view of the completion of term of Shri Mangalam Ramasubramanian Kumar as Chairperson of LIC of India, effective from the close of business hours on 13th March, 2023, Department of Financial Services, Ministry of Finance, Govt of India, has vide F. no. A-15011/01/2022-Ins.I dated 11th March, 2023, conveyed the approval of the Competent Authority, for entrusting financial and administrative powers and functions of Chairperson, LIC in the interim to Shri Siddhartha Mohanty, Managing Director in addition to his own duties, for a period of three months, with effect from 14th March, 2023, or till assumption of the charge by the regular appointee to the said post, or until further orders, whichever is the earliest.”
Currently, Bishnu Charan Patnaik, Ipe Mini, Siddhartha Mohanty, and Raj Kumar are the MDs of LIC and Shri.
LIC is the country’s biggest life insurer and fifth-largest life insurer in the world.