Siddhartha Mohanty takes charge as interim chairperson of LIC from today; here's all you need to know

Life Insurance Corporation of India (LIC) on Tuesday said that Siddhartha Mohanty, managing director of the Corporation, has taken charge as the interim chairperson of LIC with effect from March 14, 2023.

The government has approved the appointment of Siddhartha Mohanty as the interim chairman of LIC for three months with effect from March 14, the insurer said in a statement.

The development comes after Mangalam Ramasubramanian Kumar ceased to be the chairperson of the Corporation on March 13.

"Mangalam Ramasubramanian Kumar has ceased to be the chairperson of the Corporation, with effect from March 13, 2023, after close of business hours, upon completion of his term," LIC said in a regulatory filing.

Here are key things to know about Siddhartha Mohanty:

1. Siddhartha Mohanty joined the Life Insurance Corporation of India in the year 1985 as an apprentice officer and has rich experience in the insurance sector.

2. He holds a Bachelor’s Degree in Law and a Master’s Degree of Arts (Political Science) from Utkal University, Bhubaneswar, Odisha. He also holds a Post Graduate Certification on Business Management from the Xavier Institute of Management, Bhubaneshwar, Odisha.

3. He has also passed the Licentiate Examination conducted by the Insurance Institute of India in November 2002.

4. He previously served as COO and CEO of LIC Housing Finance Limited and has held various other positions, such as, Senior Divisional Manager of Raipur and Cuttack, Chief (Legal), Chief (Investment – Monitoring and Accounting), Executive Director (Legal), amongst others.

5. During his tenure as Chief (Legal), Mumbai, the Corporation won the “Best Insurance In-House Legal Team of the Year” at the Legal Era Awards 2013-14.

Meanwhile, Kumar's termed as chairman had been extended twice, first in June 2021 and then in March 2022.

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