Business

Hemant Bhargava Becomes The Acting Chairman Of LIC

HARSH RANJAN | 0
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| January 2 , 2019 , 18:38 IST

Hemant Bhargava has been appointed as the acting chairperson of Life Insurance Corporation’s (LIC) on Tuesday.

Earlier, he was senior-most Managing Director of the company.

The government appointed Hemant Bhargava as the insurer’s interim chairman, in place of V K Sharma who retired on Monday.

Meanwhile, the government has already initiated the process to select the regular chairman and managing director of LIC.

LIC has called eight candidates for interviews for the posts of Chairman and  MD on January 4.

The company said in a statement that Bhargava was appointed as the managing director (MD) of LIC in February 2017.

Apart from Bhargava, there are two more MDs of LIC currently.

He was very effective in LIC’s first comprehensive enterprise-wide initiative in financial inclusion space.

He also set up a new joint venture in collaboration with the banking industry and founded LIC Cards Services Ltd.

ALSO READ: Life Insurance Market Clocks 20% Growth In First Quarter

As per the LIC Act, the life insurer can have four managing directors, apart from the chairman. These five individuals are referred to as the top management.

LIC MDs and chairmen usually have working experience of 15 to 20 years and should have worked across departments like marketing, investment and products.

 

 

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