The government is all set to interview at least five candidates including some executive directors for the post of Chairperson of Life Insurance Corporation (LIC), leading insurer in the country.
For this, the government will be setting up an interview panel that may include a representative from Insurance Regulatory and Development Authority of India (IRDAI). Presently, the government is in process of finalizing the norms.
LIC has three Managing Directors (MDs) and 27 executive directors. The whole process has to be undertaken as the insurer’s Chairman SK Roy, to everyone’s surprise, resigned in June, which is two years before his term ends. The officer later applied for VRS
Roy served as managing director for a month before being selected as the chairman in June 2013.
Interestingly, if the process takes time, then the most senior candidate will be given the charge as officiating chairperson.
The most senior officer of the five candidates to be interviewed is VK Sharma who can assume his charge if Appointments Committee accepts Roy’s request for VRS.
After VK Sharma, two other senior managing directors are Usha Sangwan and SB Mainak.