Siddharth Mohanty becomes chairman of LIC

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.

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