The central government has announced the appointment of R Doraiswamy, currently serving as the Executive Director of Life Insurance Corporation of India (LIC), as the new Managing Director of the esteemed insurance corporation. Doraiswamy will succeed Ipe Mini, the current MD of LIC, who is set to retire at the end of the current month.
The appointment of Doraiswamy is effective from the date he assumes office, which will be on or after September 1, 2023. His tenure will extend until his superannuation on August 31, 2026, or until further orders, as stated in the government’s official order.
As of now, LIC operates with four Managing Directors, including Mini Ipe, M Jagannath, Tablesh Pandey, and Sat Pal Bhanoo. The recent addition of Sat Pal Bhanoo as an MD was made by the government in the previous month.
It’s worth noting that the Financial Services Institutions Bureau (FSIB), which serves as the headhunter for leadership positions in state-owned banks and financial institutions, had recommended R Doraiswamy’s name as the Managing Director of LIC in June of this year.
