Financial Services Institutions Bureau (FSIB) has recommended Siddhartha Mohanty for the position of chairperson in Life Insurance Corporation of India.

Mohanty at present is a managing director with the country's largest insurer and was earlier given interim charge as chairman for a period of three months starting March 14.

In a statement, FSIB said that the bureau interfaced with four candidates on March 23, 2023 for the position of Chairperson in Life Insurance Corporation of India. "Keeping in view their performance in the interface, their overall experience and the extant parameters, the Bureau recommends Siddhartha Mohanty for the position of Chairperson in LIC of India," it stated.

Last week, Minister of state for finance Bhagwat Karad had informed the Rajya Sabha that the government is not considering any proposal to appoint a private sector professional as the first Chief Executive Officer of Life Insurance Corporation (LIC).

Karad in his statement noted that Life Insurance Corporation Act, 1956, was amended by Finance Act, 2021 which came into force with effect from June 30, 2021 and stipulates that during the initial period of three years w.e.f. 30.6.2021, the Chairperson shall be appointed as a whole-time director of the corporation and after this period he shall be from amongst the non-executive directors nominated or to be nominated by the Central Government.

After the initial period, a Chief Executive Officer and Managing Director, who shall be a whole-time director of the Corporation, shall be appointed by the Central Government.