Three in fray for LIC chief post

Interview likely on April 23 to choose successor to D K Mehrotra to head India's largest insurance company

The interview for the selection of chief of country's largest insurance company LIC is scheduled on Tuesday, with three candidates in fray for the high profile post.

A five-member panel led by Department of Personnel & Training Secretary P K Misra will choose the successor to D K Mehrotra, whose term as chairman of the state-run insurer ends on May 31.

"The interview for selection of Chairman is scheduled on April 23," an official source said.

The candidates in fray for the top job are the present Managing Director of the company Sushobhan Sarkar and two other executive directors S K Roy and S B Mainak.

LIC, which manages assets worth around Rs 14-lakh crore of over 20 crore policyholders, has the largest market share among 24 players.

The source said while seniority would be the basis for deciding on the Chairman, the panel would also keep in mind the candidate who would be best suited to balance the interest of its policyholders, and give returns to the government as well.

The other members of the panel are Financial Services Secretary Rajiv Takru, Economic Affairs Secretary Arvind Mayaram, Insurance Regulatory and Development Authority (Irda) Chairman T S Vijayan and former LIC Chairman S B Mathur.

After the interview, the panel will recommend the name to the Appointments Committee of the Cabinet for final approval.