Siddharth Mohanty becomes chairman of LIC

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The government has appointed Siddharth Mohantyas the chairman of Life Insurance Corporation of India (LIC) till June 2024.

An Overview of the News: 

• The Financial Services Institutions Bureau (FSIB) recommended the name of Siddharth Mohanty for the post of chairman.

• The decision regarding the appointment of Mohanty as LIC chairman was taken by the Appointments Committee of the Cabinet (ACC) headed by PM Narendra Modi.

• Mohanty was serving as the interim chairman of the corporation from March 14, 2023.

• Also Chairman Siddhartha Mohanty will be the Managing Director and Chief Executive Officer of the insurance giant from June 2024 to June 2025.

Siddharth Mohanty:

• Mohanty holds a post graduate degree in Political Science as well as a law degree.

• Mohanty also holds a Post Graduate degree in Business Management and is a licensee from the Insurance Institute of India.

• In a career spanning over three decades in the corporation, Mohanty has distinguished himself in the areas of Marketing, HR, Investments and Legal.

Life Insurance Corporation of India (LIC):

• LIC (Headquarters Mumbai) was established in the year 1956 by passing the Life Insurance of India Act in the Parliament of India.

• It is India's largest life insurance company and also the country's largest investment company.

• It is known for continuously bringing innovative and profitable policies in the market. Also its policies are recognized as a benchmark in the insurance market.