R Doraiswamy on Monday officially assumed charge as the new Chief Executive Officer and Managing Director (CEO & MD) of Life Insurance Corporation of India (LIC), marking a key leadership change at India’s largest life insurer.The Department of Financial Services notified his appointment following approval from the Appointments Committee of the Cabinet, headed by the Prime Minister.
Doraiswamy’s tenure will run for three years from the date of taking charge, or until he reaches the age of 62 on August 28, 2028, or until further orders, whichever is earlier.
Doraiswamy was previously serving as a Managing Director at LIC. He is a Mathematics graduate from Madurai Kamaraj University and a Fellow of the Insurance Institute of India. He is also a student member of the Institute of Actuaries of India.The Financial Services Institutions Bureau (FSIB) had recommended his name for the role in June. His appointment comes after the term of former CEO Siddhartha Mohanty ended on June 7.
Doraiswamy’s tenure will run for three years from the date of taking charge, or until he reaches the age of 62 on August 28, 2028, or until further orders, whichever is earlier.
Doraiswamy was previously serving as a Managing Director at LIC. He is a Mathematics graduate from Madurai Kamaraj University and a Fellow of the Insurance Institute of India. He is also a student member of the Institute of Actuaries of India.The Financial Services Institutions Bureau (FSIB) had recommended his name for the role in June. His appointment comes after the term of former CEO Siddhartha Mohanty ended on June 7.
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Sat Pal Bhanoo, another Managing Director, had been holding interim charge since June 8. LIC confirmed that Bhanoo ceased to hold CEO-level powers following Doraiswamy’s appointment.
LIC currently operates with four Managing Directors and one CEO, who heads the corporation.
(Edited by : Shersh Kapoor)
