The Financial Services Institutions Bureau (FSIB) has recommended R Doraiswamy for the position of chief executive officer and managing director (CEO & MD) of the Life Insurance Corporation of India (LIC).

The FSIB interfaced with four candidates from LIC for the top post. The selection was based on their performance during the interface, overall experience, and evaluation against the extant parameters, the official statement read.

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“Keeping in view their performance in the interface, their overall experience and the extant parameters, the Bureau recommends Shri R Doraiswamy for the position of CEO & MD in LIC,” the FSIB stated.

R Doraiswamy has over 38 years of experience in Operations, Marketing, Technology and Academics. He has been serving as LIC’s MD since 2023. He has held various leadership positions within the organisation, including Executive Director (Information Technology/Software Development).’

Notably, the development comes after the Central government entrusted Sat Pal Bhanoo, currently the managing director at LIC, with the financial and administrative powers of the MD & CEO position following the completion of Siddhartha Mohanty’s term last week.

Bhanoo will hold interim charge for a period of three months – from 8 June to 7 September 2025 – or until a regular incumbent assumes office, or until further orders, whichever is earlier.

“As per the letter of the Ministry of Finance, the Department of Financial Services, dated 7 June, Sat Pal Bhanoo, MD, LIC of India, has been entrusted with the financial and administrative powers and functions of MD&CEO of LIC,” the state-owned insurer said in a statement.