 "FSIB recommends R Doraiswamy as LIC MD & CEO; Cabinet to give final nod")
The Financial Services Institutions Bureau (FSIB) on Wednesday recommended R Doraiswamy as the next managing director (MD) and chief executive officer (CEO) of the state-owned Life Insurance Corporation of India (LIC).
The final decision on the FSIB recommendation will be taken by the appointments committee of the Cabinet.
“FSIB interfaced with four candidates from LIC on June 11 for the position of CEO and MD in the LIC. Keeping in view their performance in the interface, overall experience, and the extant parameters, the Bureau recommends Shri R Doraiswamy for the position of CEO & MD in LIC,” FSIB said.
LIC’s top management comprises four MDs, apart from the MD & CEO.
Earlier this week, the government entrusted Sat Pal Bhanoo, one of MDs with the additional responsibilities of the MD & CEO for a period of three months, or until a regular incumbent assumes charge, or until further orders, whichever is earlier.
Siddhartha Mohanty demitted the office on completing his tenure as MD & CEO on June 7 this year.
Doraiswamy is one of the existing MDs at LIC. He has over 38 years of experience in operations, marketing, technology, and academics.
Prior to taking charge as MD, he has held various leadership positions within the organisation, including executive director (information technology/software development), regional manager (marketing /chief life insurance advisor), regional manager (pension & group schemes) at southern zonal office, Chennai, senior divisional manager of Kottayam division, and marketing manager of Chennai-I, Thanjavur, and Pune divisions.
As research associate at National Insurance Academy, Pune, he has worked on multiple projects on micro insurance, insurance law and regulations, product development, and content development for post graduate Programmes in insurance management/chartered financial planning.
Doraiswamy is a graduate in Mathematics from Madurai Kamaraj University, Fellow Member of Insurance Institute of India and a student member of Institute of Actuaries of India.
The insurance behemoth is seeing major reshuffle in the top management with 2 new MDs – Dinesh Pant and Ratnakar Patnaik-- taking charge on June 1, 2025. This comes after the retirement of M Jagannathan and Tablesh Pandey. While Pant has a tenure till May 2027, Patnaik has been appointed till March 2028.
The corporation also announced the appointment of Ramakrishnan Chander as chief investment officer and Ajay Kumar Srivastava as the appointed actuary.