The selection process for the post of LIC chairman will start soon.

New Delhi. The Financial Services Institutions Bureau (FSIB), which selects heads of public sector banks and financial institutions, is likely to select the new chairman of insurance company LIC this month. Sources said that the chairman will be selected from among the four managing directors of the company. If all the members of the committee are present then the bureau can conduct the interview for this post by the end of next week. Sources said the FSIB is likely to make the selection this week, depending on the presence of members in the midst of the budget session of Parliament. The final decision on the recommendation of the FSIB will be taken by the Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi.

It may be noted that one of the four MDs, BC Patnaik, is retiring on March 31. The government has already appointed Tablesh Pandey in his place. Managing Director Siddharth Mohanty is the acting chairman of LIC after the completion of the term of LIC Managing Director MR Kumar on March 13, 2023. LIC is the largest insurance company in the country. Other MDs among the claimants are Mini Ipe and M Jagannath. Mohanty will retire in June this year, while Ipe will retire in August, if not elected to the post of chairman.

However, the chairman of LIC retires at the age of 62. The government increased the retirement age of LIC chairman to 62 years in 2021 by amending the Life Insurance Corporation of India (Employees) Regulations, 1960. The changes made in the rules are called the Life Insurance Corporation of India (Staff) Amendment Rules, 2021. It may be noted that the retirement age for top executives of most PSUs is 60 years, barring a few exceptions including the State Bank of India (SBI). The six-member FSIB is headed by Bhanu Pratap Sharma, former secretary of the Department of Personnel and Training (DoPT).

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