The government on Friday appointed Siddhartha Mohanty as the Chairperson of the Life Insurance Corporation of India (LIC) till June 29, 2024. After that, he will be the Managing Director and Chief Executive Officer until June 7, 2025, LIC said in a release. Mohanty, the current Managing Director, has been serving as the interim Chairperson of the public sector life insurer since March 14. He replaced M R Kumar, who completed his term on March 13, 2023. Mohanty joined LIC in 1985 as an apprentice officer and has rich experience in the insurance sector. He previously served as COO and CEO of LIC Housing Finance Ltd and has held various other positions, such as senior divisional manager of Raipur and Cuttack, chief (legal), chief (investment – monitoring & accounting), executive director (legal), amongst others. There are three managing directors at LIC - M Jagannath, Tablesh Pandey and Mini Ipe. LIC is the largest financial institution in the country, with total assets under management (AUM) of over Rs 44.35 crore as of December 2022. Meanwhile, the Appointment Committee of Cabinet has approved the appointment of Bishnu Charan Patnaik, former Managing Director of LIC, for the post of Whole-time Member (Life), Insurance Regulatory and Development Authority of India (IRDAI). His appointment will be from the date of assumption of the charge of the post till he attains the age of 62 years.
